Bushfire relief from ATO obligations
The ATO has provided relief from lodgement compliance and payment obligations for those impacted by the bushfires. An automatic two month deferral for activity statement [...]
Your right to know. Can the tax office take money out of your account?
You might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that [...]
Vacant land deduction changes hit ‘Mum & Dad’ property developments
Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only [...]
Fictions VS Facts: Work expense deductions
There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. We sort out fact from [...]
Myths vs Facts: Work expense claims
Not all expenses associated with your employment are deductible. This helpful guide explores the Myths and Facts of some more common work expense deductions. Myth: [...]
Low and middle income tax offset changes now law
Taxpayers with an individual taxable income less than $126,000 will now be entitled to some of the low and middle income tax offset. Understanding the [...]
Why it is important to have an up to date will
No one really likes talking about their death, which makes updating—or even writing—a will an unpleasant experience. Often, people put off thinking about their will [...]
Rental property owners: 10 helpful tips to avoid common tax mistakes
The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims, and the outcomes that [...]
Confusion over personal tax changes – what are you really entitled to?
So, what changed? From 1 July 2018 A low and middle income tax offset (LMITO), first introduced in the 2018-19 Federal Budget, provides a tax [...]
Tax treatment of compensation from financial institutions
By 30 June 2019, five major financial institutions paid $119.7 million in compensation for poor financial advice to 6,318 customers. The question is, how are [...]