If you’re a high income earner, you may soon be asked to pay an extra 15% tax on the amount of concessional contributions that exceed the $250,000 threshold.
Are You A High-Income Earner? Beware of Division 293 Tax! Read More »
Pitfalls for lodging Early Before “Tax Ready” The Australian Taxation Office (ATO) cautions taxpayers about the risks of lodging tax returns too early. According to the ATO, individuals who file their returns in early July are twice as likely to make mistakes. This is because from late July, most information from employers, banks, government agencies,
Starting from 1 February 2024, changes are coming into effect concerning the principal place of residence exemption from land tax. If you’re planning to purchase or currently own a property, here’s what you need to know: Key changes From 1 February 2024, anyone who purchases and occupies a property but own less than 25% interest
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 »
The Government has welcomed the actions of an ATO-led taskforce in relation to what is termed “the biggest GST fraud in Australia’s history”. The ATO states that the fraud was first detected in early 2022 and involved offenders inventing fake businesses and ABN applications, then submitting fictitious Business Activity Statements in an attempt to gain
Fending Off GST Audits Read More »
Have you ever let a room on the popular accommodation site Airbnb? Ever shared a ride with pseudo taxi service Uber? If you participate in what’s now called the “sharing economy”, you may have some tax to pay. What is the sharing economy? The Australian Tax Office (ATO) says the sharing economy is a new
The Sharing Economy And Your Tax Obligations Read More »