Taxation Advice & Planning
Rental Expenses In Excess Of Income Not Deductible
Deductions may be limited to your income from the property With many parts of Australia in the grip of a rental crisis, a significant number of tenants may be residing in the properties of friends and relatives. A recent case before the Administrative Appeals Tribunal (AAT), Rizkallah and FCT [2022] AATA 3081 is a timely […]
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Claiming Business Losses
Offset your business loss You may be able to offset your business loss against other income (such as salary and wages) if you’re a sole trader or in a partnership. Firstly, however, your loss must not be non-commercial. A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, […]
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Queensland Land Tax Update
Land tax in Queensland If you own land in Queensland (or are contemplating making a purchase) and also own other land interstate (or you are contemplating making a purchase) you may soon have an increased land tax liability. As of 30 June 2023, Queensland landholders’ land tax liability will be based on the Queensland proportion […]
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Get Your Director Identification Numbers ASAP
Director ID, time is ticking… All existing directors of a company, a registered Australian body, a registered foreign company, or a director of corporate trustees of an SMSF are required to apply for a director identification number (director ID) by 30 November 2022…so act now! If you are a director of an Aboriginal or Torres […]
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2022 Year End Tax Planning Tips To Maximise Your Return
Tax planning opportunities As we move towards the end of the 2021/22 financial year, there are a number of year-end income tax planning opportunities that may be available to optimise your tax position. Temporary full expensing Are you contemplating asset and equipment purchases? If so, consider getting in before 1 July to take advantage of […]
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Where There’s A Will, There’s Often A Dispute!
From wine-fuelled political debates over Christmas lunch to overly competitive games of Monopoly, there are many reasons family members can find themselves at loggerheads with one another. A particularly serious scenario is when a parent passes away and leaves behind an estate that becomes a source of bitter conflict between siblings. There’s a common misconception […]
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