The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know, such as: hey need a clearance certificate from the supplier when buying property over $750,000; they may have to pay the GST on the sale of brand new residential property separately to the […]
From Thursday 12 March 2020, the instant asset write-off threshold has been increased from $30,000 (for businesses with an aggregated turnover of less than $50 million) to $150,000 (for businesses with an aggregated turnover of less than $500 million) until 30 June 2020. A time-limited 15-month investment incentive (through to 30 June 2021) which will […]
Small business entity (‘SBE’) taxpayers who choose to depreciate their assets under the simplified depreciation rules are entitled to an immediate deduction with respect to low-cost assets in the year they are first used or installed ready for use for a taxable purpose. Thanks to recent changes, SBE taxpayers may be entitled to an immediate […]
Rental property owners are being warned to ensure their claims are correct this tax time, as the ATO has announced it will double the number of audits scrutinising rental deductions, with a specific focus on: over-claimed interest; capital works claimed as repairs; incorrect apportionment of expenses for holiday homes let out to others; and omitted […]
The ATO has also reminded employees that how they get their end of financial year information from their employer, showing their earnings for the year, depends on how their employer reports their income, tax and super information to the ATO. Specifically: Employers that are not yet reporting through STP will continue to provide employees with […]
Employers with 19 or fewer employees are required to start reporting through Single Touch Payroll (‘STP’) from 1 July 2019. The ATO will be working with employers to support them as they transition to STP, including allowing small employers to start reporting any time from 1 July to 30 September (and the ATO will also […]
The ATO has updated its list of ‘What attracts our attention’, with six items that specifically relate to fringe benefits tax (‘FBT’), as follows: Failing to report motor vehicle fringe benefits, incorrectly applying exemptions for vehicles or incorrectly claiming reductions for these benefits. Incorrectly calculating car parking fringe benefits due to: – significantly discounting market […]
The Government handed down the 2019/20 Federal Budget on Tuesday 2 April 2019. Some of the important proposals include: Increasing and expanding access to the instant asset write-off from 7:30 pm (AEDT) on 2 April 2019 (i.e., ‘Budget night’) until 30 June 2020, as follows: – Increasing the instant asset write-off threshold from $25,000 to […]
The Government has released draft legislation on “improving the integrity of GST on property transactions”, as announced in the 2017/18 Federal Budget. They intend to amend the GST law so that, from 1 July 2018, purchasers will withhold the GST on the purchase price of new residential premises and new residential subdivisions, and remit the […]
The ATO is recommending that taxpayers use their recently updated GST property decision tool to work out if GST applies to their property sales. The tool can be used to determine GST on the sale, lease or purchase of real property, and was recently updated for easier use on mobile devices. In particular, after providing […]