This month’s federal budget confirmed that temporary full expensing (TFE) is now in its final days. To recap, TFE will cease and be replaced by a $20,000 instant asset write-off (IAWO) from 1 July 2023. Changes to depreciation rules and thresholds Under this change, small businesses (aggregated annual turnover of less than $10 million) will […]
Generous Depreciation In Its Final Days Read More »
Maximizing claims and avoiding audits With the end of the financial year on our doorstep, the ATO has announced its three key focus areas for 2022-23 Tax Time – rental property deductions, work-related expenses, and capital gains tax (CGT). To maximise your claims in this area and protect yourself from ATO audits and adjustments, be
ATO’s 2022-23 Tax Guide: Maximizing Your Deductions Read More »
With the end of the FBT year approaching, are your car logbooks in order? The operating cost method is used by many employers to calculate their car FBT liability. This method is particularly effective where the business use of the vehicle is high. Keeping a logbook is essential to use the operating cost method. How
FBT Compliance: How Car Logbooks Keep You on the Right Road Read More »
It’s quite common for individuals to subdivide land they own and then sell off one of the blocks. Depending on the circumstances, this can have capital gains tax (CGT) and GST implications. Capital gains tax If you subdivide a block of land, each resulting block is registered with a separate title. For capital gains tax
Tax Consequences Of Land Subdivision Read More »
Inheriting post-CGT rental properties Imagine you’re lucky enough to inherit, say, four post-CGT rental properties from a deceased parent – but what happens when your sibling also inherits a half-share of these? While you both acquire a very valuable 50% interest across four properties, it’s safe to say that in most scenarios, you’d both rather
Inheriting Rental Property Jointly. A Dilemma? Read More »
Capital Gains Tax implications of subdividing and building on the family property With the current state of the property market in Australia, a not-uncommon situation can arise where a residential property owner wants to demolish and subdivide the block containing the family home and build residential units. If you have the available land, this is
CGT Implications Of Subdividing The Family Property Read More »