OMNIBUSiness COVID-19 Summary Edition
What unprecedented times we’re living in! As soon as we think we’re on top of coronavirus, things change and don’t they change fast? The effect of COVID-19 is having a massive financial impact on all of us in some way and we fear that the impact of the virus will have an even greater impact […]
ATO on property investments
Investing in property? The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know. Such as: they need a clearance certificate from the supplier when buying property over $750,000; they may have to pay the GST on the sale of brand new residential property […]
Government announces mandatory code for rent relief
Relief for commercial tenants The Government has announced a range of measures to help renters. This includes a temporary hold on evictions and a mandatory code of conduct for commercial tenancies to support small and medium sized enterprises (SMEs) affected by coronavirus. Hold on evictions for renters Evictions will be put on hold over the […]
Rental property audits
Tax office to double audits of ‘dodgy’ rental deductions Rental property owners are being warned to ensure their claims are correct this tax time, as the ATO has announced it will double the number of audits scrutinising rental deductions, with a specific focus on: over-claimed interest; capital works claimed as repairs; incorrect apportionment of expenses for […]
Tax Time mistakes
ATO guide to the 5 most common Tax Time mistakes As Tax Time 2018 has ‘kicked off’, the ATO has profiled the five most common mistakes they see, including taxpayers who are: Leaving out some of their income (e.g. forgetting a temp or cash job, capital gains on cryptocurrency, or money earned from the sharing […]
Holiday home rentals
Continued ATO focus on holiday home rentals The ATO recently advised they are “setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays”. While it confirms that the private use of holiday homes by friends and family is entirely […]
ATO focus on holiday home rentals
ATO sets sights on mistakes, errors and false claims made by rental property owners who use their own property for personal holidays As Australians enjoy the Easter break, they should be aware that the ATO is focusing on taxpayers who claim deductions for holiday homes that are not actually available for rent or only available […]
