Please find attached our latest newsletter for the month of July 2017.
Topics include Rental properties deductions, streaming trust capital gains and franked distributions, tax time preparation and a lot more. Should you have any queries, please do not hesitate to contact our office.
The CGT implications of subdividing and building on the family property. Given the state of the property market in Australia these days, a not-uncommon situation can arise where a residential property owner seeks to demolish and subdivide the block containing the family home and build residential units.
Gumtree sourced assets, and the realities of making a claim. A recent case before the Administrative Appeals Tribunal (AAT) brought into focus a growing phenomenon that you should keep in mind for work-related or business expense deduction claims, especially where the acquisition of claimable assets is made in a certain way.
Tax and the sharing economy. The concept of a “sharing economy” has been around for long enough now to have had a very real impact on how we transact with each other.
Active vs passive assets and the small business CGT concession. The small business capital gains tax concessions are extremely valuable.
Extend the festive cheer (but in a tax- efficient way). The festive season is here again. As with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but will set some limits.
Don’t let a tax debt put you in a spin. Whether you’re running a business or are just an individual trying to make ends meet, there is nothing worse than finding yourself in a situation where you have a tax debt owing to the ATO, which most likely will also be accruing a general interest charge and perhaps even a shortfall interest charge.
Travel to a workplace: what’s in, what’s out. A recurrent topic of conversation is when taxpayers can claim deductions for travel to a work location, and the eligibility or otherwise of certain claims in regard to that travel.