How to Reduce Capital Gains Tax While You Are Away.
For many people, the single biggest asset they will own is the family home. Luckily, the Main Residence Exemption means Capital Gains Tax is not payable upon sale of this asset, under most circumstances. However, if you leave the property for an extended period of time, or you rent the property out, you may only be eligible for a partial CGT exemption. But the good news is there are two rules which can be applied to help to reduce the net Capital Gain – the Temporary Absence Rule and the Market Value Rule.Read Full Article
Common Tax Deductions for Tradies
If you are a tradie (employee or contractor) then you are probably paying for things that you may be able to claim on your tax return. Clothing (must have business logo) - you can claim your work-wear as long it bares the company logoRead Full Article
A majority of myTax returns contain errors!
H&R Block recently reviewed the accuracy of self-submitted tax returns filed via “myTax”. Alarmingly, over 60 percent of the returns studied contained errors and approximately two-thirds of those errors favoured the ATO!Read Full Article
Changes to the Zone Tax Offset may affect your eligibility
The Law has changed about who is eligible to claim the zone tax offset. Previously you could claim this offset if you resided or worked in a remote area, however under the new law you can only claim the offset if ...Read Full Article
Extra Time for small business to become SuperStream compliant
The ATO has recently advised that they are extending the deadline for small business to become SuperStream compliant to the 28th October, 2016. Previously this was 30th June, 2016.Read Full Article
The lowdown on negative gearing and proposed tax reforms
Anyone who has taken an interest in business or political news over the last few weeks will have no doubt heard many references to the proposed changes to Negative Gearing (and Capital Gains Tax) put forward by the Opposition Labour Party. Before...Read Full Article