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Nov 4, 2024

A tax offset reduces the tax you pay on your taxable income. Most offsets aren't refundable, which means they can't reduce your tax below zero. However, some (such as the private health insurance tax ...

Oct 9, 2024

Do You Rent Out Your Holiday Home?

If you own a holiday home you might rent it out at times when you’re not using it yourself. This article considers some of the tax issues you need to be aware of. Remember, you should seek

Sep 12, 2024 Unlocking value: Subdividing Your Family Home’s Land

Many retirees find themselves cash-poor but asset-rich. For those living on larger properties, subdividing and selling unused land can be a potential retirement strategy to generate funds for

Aug 13, 2024

Time for a super check-up

The new financial year has begun, and with it have come some important changes to superannuation from 1 July 2024. With these changes coming into effect, it's a good time to give your super a

Jul 7, 2024

Get it right first time – don’t lodge your tax return too early

It might seem like a good idea to lodge your tax return as soon as the financial year ends - with costs of living rising you might be hoping for a refund or you might just want to tick it off your

Jul 7, 2024

Tax time scams: be on guard

As tax time approaches, reports of ATO impersonation scams are on the rise. Taxpayers should continue to exercise vigilance and think carefully before acting on any unsolicited contact from entities

Jun 4, 2024

Federal Budget 2024: Personal Measures

On Tuesday 14 May 2024, Treasurer Jim Chalmers handed down the 2024-25 Federal Budget, his 3rd Budget. The major personal tax-related measures announced in the Budget include the

May 6, 2024

Fasttrack for Finalisation of Certain Deceased Estates

The ATO has recently released a guideline that will allow certain legal personal representatives (LPRs), including executors or administrators, of less complex estates to finalise those estates

Apr 10, 2024

Revised stage 3 tax cuts now law

Now that the revised stage 3 tax cuts have passed all stages of Parliament and received Royal Assent, the new rates are law and will apply from 1 July 2024. While the revised rates won’t apply for

Mar 18, 2024 How Much Does Negative Gearing Really Cost The Nation?

Since the government’s announced changes to the Stage 3 tax cuts to give lower income earners more benefits, the chorus of voices advocating for changes to other aspects of the tax system, such

Feb 13, 2024

Stage 3 tax cuts vs proposed changes

The talk about the stage 3 tax cuts has reached fever pitch in recent days. The changes were originally legislated by the previous government in 2019 with support of the then Labor

Jan 9, 2024

ATO areas of interest for the coming year

https://www.youtube.com/watch?v=7jooZm0231o As the year draws to an end, the focus of the ATO has moved to the 2024 year. At a recent conference, the Second Commissioner of Client Engagement, Jeremy

Jan 9, 2024

Holiday homes not genuinely available for rent

As the traditional holiday period approaches, many individuals may be heading to their holiday properties to celebrate with family or friends or letting their loved ones make use of the properties.

Dec 3, 2023

Deductions for losses and outgoings that relate to holding vacant land on which there is not substantial and permanent structures in use or available for use has been denied since 1 July 2019.

Nov 15, 2023

Sharing Economy Reporting regime

The Sharing Economy Report Regime (SERR) has now commenced, for the 2023-24 income year. Only transactions for supplying taxi travel/ride sourcing and short-term accommodation need to be reported

Sep 4, 2023

Car Expenses: Using the Cents Per Kilometre Method

The cents per kilometre method is a simple way to work out how much you can deduct for car-related work or business expenses. Only individuals, including sole traders, or partnerships (where at least

Sep 4, 2023

Does GST apply to crypto-assets?

As digital currency becomes more common-place in a business context both in terms of trading and using such assets for payment in Australia, one question that commonly arises for those businesses

Sep 4, 2023 Tax Time 2023: lodgement period underway

https://youtu.be/acEGpFThB-Y With only a little more than a month into tax time, the ATO has given the green light for taxpayers with uncomplicated financial affairs to lodge their returns. It

Jul 12, 2023

Budget 2023: What’s in it for me?

https://www.youtube.com/watch?v=3Aa2fK8xc3U&t=5s On Tuesday, 9 May 2023, Treasurer Jim Chalmers handed down the 2023–2024 Federal Budget, his second Budget, which follows the October 2022

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