What the Labor party proposes to do:
- Eliminate negative gearing to all residential investment properties other than new housing from the 1st of July 2017.
- Stop investors from claiming losses on second hand properties against their wage income after that date.
- All investment properties purchased prior to this date will be “grandfathered” (meaning any current tax arrangement with your investment property will remain).
- Reduce the Capital Gains discount on all investment properties from 50% to 25%.
Keep your eyes peeled for next week’s article where we will discuss the impact of the above!
The ATO has recently announced that it will be taking the next step in its initiative to reduce paper correspondence.
If you have linked the Australian Taxation Office to your myGov account, most of your ATO mail will now come directly to your myGov Inbox, rather than through the post.
The types of ATO mail you may receive in your myGov Inbox include:
- notices, such as notices of assessment
- statements of account
- confirmation and reminder notices
- activity statements or instalment notices.
You will get email or SMS notifications from myGov to let you know when there are new messages in your myGov Inbox.
As your tax agents, we do not have access to your myGov Inbox.
As Notices of Assessment will be sent to you direct rather than being posted to our office, it is important that you check the refund or payment the ATO has advised matches the estimate we provided you with. If it doesn’t, please contact our office immediately so that we may take necessary action.
If you don’t have a myGov account, you will continue to receive your ATO mail via the post.