Deductible Gift Recipient The Commonwealth Government has announced a number of potential changes to the Deductible Gift Recipient (DGR) system. Under the old legislation, some DGRs had to report to the Commissioner of Taxation while others to ACNC.As released earlier this year, the reforms aim at bringing all non-government DGRs as well as charities under…
Property Development – New GST measures for Property Developers In the most recent Budget of 2017, the government had announced that from 1 July 2018, purchasers of newly constructed residential properties or land in new subdivisions will have to pay GST directly to the ATO as part of the settlement. The changes were announced to…
Are you an investment property owner or intend to purchase one in the near future? Not only can holding an investment property benefit you through capital gain in the longer term, it can also help in saving taxes! Many investment property owners or those who have an understanding of investment properties are aware about negative gearing and how one can save hundreds, sometimes thousands of dollars on tax!
Reduce your tax payable through tax offsets and rebates! Many individuals quite often ask the same question surrounding the topic of ‘how to save money on tax’. Besides the allowable deductions according to ATO; options such as negative gearing on an investment, salary sacrifice, so on and so forth, there are tax offsets and rebates…
SOLE TRADER TAX RETURNS: Taxation has been a major topic of concern for people getting into business for a long time. Different kind of business and ownership structures can affect the way an individual reports his/ her income and pays tax. One of the most basic and cost effective business structure is when an individual…
Cars and Tax I’m sure you’ve been told at some point in time that you can claim ‘this and that’ car related expense, or that petrol can be claimed if you’re driving to work! Unfortunately there’s more than a tinge of urban myth surrounding tax and cars, with nobody quite sure what can or can’t…
Log Book Method for claiming work related car running and maintenance expenses: If you use your car for work related travel and such a travel exceeds 5000Kms a year, then the article below shall be of benefit to you. Each financial year we see many clients who do not maintain a log book and lose…
Tax & The Sharing Economy The boom of online resources in the last few years has opened up a world of opportunity for cheaper travel, ride sharing and outsourcing.Termed ‘The Sharing Economy’, apps like Uber, AirBNB and Airtasker, have revolutionised the gig economy and supported a growing subset of freelance workers and landlords looking to…