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 rental deductions: How many days during the income year did …
Claiming deductions in relation to a holiday home Read More »
The AAT (Administrative Appeals Tribunal) recently held that the sale of land by a taxpayer was subject to GST, as it was a supply made in the course of an enterprise being carried on by the taxpayer. The taxpayer purchased a single parcel of land in 2013 for $1.6 million, and he subsequently took steps …
Not-for-profits (‘NFPs’), including sporting clubs, societies and associations with an active ABN, need to lodge an annual NFP self-review return to continue accessing their income tax exemption. The main purpose of a sporting organisation must be the encouragement of a game, sport or animal racing. Any other purpose of the organisation must be incidental, ancillary …
Changes in reporting requirements for sporting clubs Read More »
As successful business owners, it’s crucial to keep a watchful eye on the value of your business. After all, when most of your financial “eggs” are in one basket, you want to ensure that basket is secure. Our Business Valuation Service is designed to help you understand the true value of your business and reduce …
Unlock the true potential of your business with our Business Valuation Service! Read More »
As a small business owner, staying competitive and keeping up with the latest technological advancements is crucial for success. That’s why we are excited to share two new initiatives that can help boost your small business’s growth and efficiency. The Small Business Technology Investment Boost and the Small Business Skills and Training Boost offer bonus …
Boost Your Small Business with Technology Investment and Skills Training Read More »
The ATO reminds taxpayers that an SMSF must pay a minimum amount each year to a member who is receiving a pension that commenced on or after 20 September 2007 (e.g., account based pensions). If the minimum payment is not made by 30 June, this can result in adverse taxation consequences for the member. In …
Minimum annual payments for super income streams Read More »
The ATO has made changes to the way that working from home deductions can be claimed by eligible taxpayers in the 2023 income year. If you have genuinely worked from home at any time from 1 July 2022 to 30 June 2023, you may be eligible to use the ATO’s revised fixed-rate (67 cents per …
Changes to the way working from home deductions are claimed for 2023 Read More »
The uncapped Instant Asset Write-Off ends 30th June 2023. If you have been thinking of buying an asset for your business now is the time! But remember, you must ensure the asset is first used or installed ready for use by 30th June 2023 or you can’t claim it. As announced in the latest Federal Budget, …
The Australian Taxation Office will acquire residential investment property loan (RIPL) data from financial institutions and use this information to identify individuals who may not be correctly reporting rental property interest deductions and net capital gains. RIPL data will be compared with claims a taxpayer makes in their rental property schedules and rental tax …
