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, […]
Claiming Business Losses Read More »
Rental properties tax Income and tax deductions from rental properties is one of the four key areas that the ATO focuses on this Tax Time. The ATO urges rental property owners to carefully review their records before declaring income or claiming deductions this Tax Time and for registered tax agents such as us to ask
ATO Focus on rental property income and deductions Read More »
As the economy emerges from COVID-19, the ATO is re-focusing on debt collection During the pandemic, the ATO deliberately shifted its focus away from firmer debt collection action to help and assist businesses and the community experiencing financial challenges because of the pandemic. It took a softly-softly approach, acknowledging the financial hardship that the virus
ATO Prioritising Debt Collection Read More »
2015-2016 Federal Budget – how does the Budget affect you? Small business is a sector that came out a clear winner from the 2015-16 federal budget delivered by the Treasurer Joe Hockey. Tax cuts for small business companies and unincorporated entities The government will deliver a tax cut to all small businesses through: 1.5% tax
Federal Budget Summary Read More »
Knowing the difference is important to the ATO and therefore to you! The Australian Tax Office reveals several myths and assumptions, which I’ll share with you in a moment, mistakenly applied by both workers and employers when trying to identify the tax status of a some workers. It found that employers continually rely upon misinformation when distinguishing between what
Employee Or Contractor? Read More »
ATO warns property developers not to muddy the income /capital divide The Tax Office has warned property developers against using trusts to return the proceeds from projects as capital gains instead of income. Profits from property developments that have been treated as capital gains are high on the Tax Office’s target list right now, with the
Property Developers Warned On Contrived Structures Read More »