Inheriting property can be quite an emotional and stressful experience, which many people will encounter at some point in their life. Whether the property is a family home or investment property, understanding the tax implications for such a valuable asset can be crucial in making sure it is handled effectively. Receiving property doesn’t trigger a […]
A rental property is a popular investment amongst Australians, but some may be unaware of what return their investment is providing them. Calculating the total profit or loss after tax can provide insight to the actual monetary return. Rental profit (income is greater than expenses) is treated as ordinary assessable income and is taxed at […]
If you’re an individual in business as either a sole trader or in partnership, and your business makes a loss, you may be able to offset the loss against other income such as salary and wages. This reduces the tax you would otherwise have paid, but first you must prove to the ATO that the […]
In June 2020, the Australian government announced new director ID rules and established the Australian Business Registry Services (ABRS) which will be responsible for the implementation and administration of the new Director ID regime. This regime introduces the Director ID – a 15 digit unique identifier given to a director, or someone who intends to […]
You may be able to claim personal super as a tax deduction when you contribute your own after tax money into your super fund. Making a personal contribution into your superfund can have several benefits, including savings on tax and increasing your superannuation balance for retirement. In order to claim a deduction for personal contributions […]
Fuel tax credits provide businesses with a credit for the tax included in the price of fuel used for certain activities. The tax credits are reported in an entities Business Activity Statements (BAS). Fuel tax credits apply to fuel used for: Machinery Plant Equipment Heavy vehicles (gross vehicle mass above 4.5 tonnes) Light vehicles travelling […]
In the 2018 Federal Budget, the Australian Government introduced the Personal Income Tax Plan, which is a three stage plan aimed at providing income tax cuts to taxpayers over the next seven years. Stage one introduced a temporary Low and Middle Income Tax Offset. As the name suggests, this was a tax benefit aimed at […]
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