Accounting & Financial Reporting

Owners can claim interest expenses on rental properties

Claiming Interest Expenses On Rental Properties

By Wen Wen / December 16, 2020

Deducting interest expenses on rental properties Interest is a common deduction claimed by taxpayers. Generally, interest is seen as being inherently deductible where it is incurred in gaining or producing assessable income. An established factor from court cases is that the deductibility of interest depends on the purpose of and use of borrowing the principal. […]

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Instant Asset Write Off Extended To 31 December

By Wen Wen / August 7, 2020

Businesses with a turnover of up to $500 million a year will be allowed to continue writing off newly purchased assets worth up to $150,000 The boost to the instant asset write off rules that the government put in place to help stimulate the Australian economy in the face of the COVID-19 crisis has been […]

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Companies will be allowed to sign documents and hold annual general meetings in electronic format.

Remote AGMs And Document Signing Allowed

By Wen Wen / July 13, 2020

Companies may now hold annual general meetings and sign documents electronically Companies should note that the government made a determination just before the end of the financial year that permits companies to hold annual general meetings by electronic format. Also, companies may execute a document, without using a common seal, by electronic communication. The determination […]

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Residential Rental Property Claims & COVID-19

By Wen Wen / June 22, 2020

Has your residential rental property rental income been affected by COVID-19? As a result of this income year NOT being business as usual, the ATO has provided answers to some typical scenarios that may crop up in this area for tax time. Q: If tenants are not paying their full rent of have temporarily stopped […]

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Changed Conditions For Covid-19 For Temporary Visa Holders

By Wen Wen / May 18, 2020

The government has made a number of changes to temporary visa holder arrangements during the COVID-19 crisis. The Department of Home Affairs says these measures have been made to protect the health and livelihoods of Australians, to support critical industries, and to boost recovery afterwards. Home Affairs records show that there are 2.17 million temporary […]

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Federal Government’s Second Coronavirus Stimulus Package

By Wen Wen / March 23, 2020

The Federal Government has announced stage 2 of its economic plan to provide financial assistance to Australians. Boosting cash flow assistance Cash flow assistance ► The Government is providing up to $100,000 to eligible small and medium-sized businesses, and not-for-profits (including charities) that employ people, with a minimum payment of $20,000. ► Under the enhanced […]

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