Claiming deductions in relation to a holiday home
Maximising Holiday Home Deductions A Guide to Valid Rental Expenses Taxpayers should remember that they can only claim deductions for holiday home expenses to the extent they are incurred for the purpose of gaining or producing rental income. They need to consider the following in determining whether the deductions they wish to claim are valid […]
Updated tax cuts approved by both Houses
Starting 1 July, a wider range of taxpayers will benefit from tax reductions as the tax cuts bill proposed by Labor has successfully passed through the Senate. Key points On 25 January 2024, the Prime Minister announced that the Government would redesign the legislated Stage 3 tax cuts and increase the Medicare levy low-income thresholds. […]
Government announces changes to proposed ‘Stage 3’ tax cuts
New Changes to Tax Rates and Thresholds Raise Questions Amidst Speculation What You Need to Know Despite previous assurances, and after much speculation, the Government has announced tweaks to the ‘Stage 3’ tax cuts that will apply from 1 July 2024. More particularly, the Government proposes to: reduce the 19% tax rate to 16% reduce […]
Taxpayers need to get their rental right
Important Tax Considerations for Rental Property Owners Reporting Rental Income and Managing Rental Expenses The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time. When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, […]
ATO gives ‘green light’ to lodge
ATO’s Tax Filing Guidance for Simple Affairs Timely Tips for Taxpayers and Key Information on Lodging Income Tax Returns The ATO is giving taxpayers with simple affairs the ‘green light’ to lodge their annual income tax returns. ATO Assistant Commissioner Tim Loh said that most taxpayers with simple affairs will find the information they need […]
CGT on the sales of shares and units
Capital gains tax on the sales of shares or units When you sell or dispose of shares or units you may make a capital gain or capital loss. This will depend on when you bought or acquired the shares or units. If you bought the shares or units: before 20 September 1985 – you are exempt […]
Private company loan arrangements
Know your private company loan arrangements before you lodge The ATO advises taxpayers that, if they or an associate take a loan from their private company, they should not forget the requirements of repaying a private company loan for income tax purposes. Otherwise, they could find the loan treated as a Division 7A deemed dividend […]
Engaged in ride-sourcing services?
ATO ride sourcing data-matching program The ATO will acquire ride-sourcing data relating to approximately 200,000 individuals to identify individuals that may be engaged in providing ride-sourcing services during the 2022/23 financial year. Here’s what you need to know. The data items include: identification details (driver identifier, ABN, driver name, birth date, mobile phone number, email […]
Side hustles in the ATO’s sights
ATO pursuing more forms of income as tax A recent ATO article highlights the fact that it is increasingly trying to bring more modern techniques of money-making into its tax net. ‘Side hustles’ have really grown over the past few years — everything from the gig economy and drop shippers to content creators and influencers. […]
In the ATO’s sights this Tax Time
The ATO has announced its three key focus areas for this Tax Time Make sure you are up to date as necessary The areas of focus are: rental property deductions; work-related expenses; and capital gains tax. ATO Assistant Commissioner Tim Loh said the ATO is continuing to prioritise areas where they often see mistakes being […]
