Taxation Advice & Planning
Property Development And Tax Obligations
The ATO keeps an eye on property developers The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations. The considerations facing the ATO are many and varied, but can include topics such as whether an agreement to develop and sell land is […]
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TOP 10 Tips To Avoid Common Tax Mistakes For Rental Property Owners
Best tips to avoid tax stumbles The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims for investment properties. It has therefore released a list of the top 10 stumbles and how best to avoid them. 1. Apportioning expenses and income and for co-owned […]
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Tax Invoice Alternatives For GST Credit Claims
Alternatives to a tax invoice for certain GST credit claims Tax invoices are an essential element of Australia’s taxation system and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses. A business registered for GST […]
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Residential Rental Property And Travel Expenses
Claiming travel expenses related to residential rental property – new rules! The ATO recently highlighted significant non-compliance with the rules prohibiting taxpayers claiming travel expenses related to residential rental properties. Late last calendar year, the ATO revealed it had identified 26,000 taxpayers who had incorrectly claimed deductions for travel to rental properties during tax time […]
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The Importance Of Property Valuations For Tax Purposes
Getting a property valuation is necessary for tax purposes There are times when getting a valuation becomes necessary, especially to estimate the cost of transactions that are not arm’s-length or when no actual cash changes hands. A common example of this is in respect of property, and especially for transactions when a valuation is necessary […]
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Investment And Tax Laws
Tax laws dealing with income, assets and deductions Investors must consider a range of tax laws dealing with income, assets and deductions. Even that term” income”, the meaning of which most of us would assume, can take on nuanced shades of meaning when considered in regard to investment. For example, investment income earnings such as […]
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