Main Points Considered A New Zealand Citizen living in Australia, do they qualify for the First Home Owners Grant (FHOG) Also, can they qualify for the First Home Owners Stamp Duty Concessions What if they rent out the spare bedroom to help pay the mortgage? Scenario...
Employee or Contractor? 12 common myths
The Tax Office says that it has encountered several myths adopted by both workers and employers when it comes to trying to decide the tax status of a job appointment.
- Having an Australian Business Number (ABN) – Myth: If a worker has an ABN they are a contractor
- Common industry practice – Myth:“Everybody in my industry takes on workers as contractors, so my business should too”.
- Short-term workers – Myth: Employees cannot be used for short jobs or to get extra work done during busy periods.
- The 80% rule – Myth: A worker cannot work more than 80% of their time for one business if they want to be considered a contractor.
- Past use of contractors – Myth:“My business has always used contractors, so we do not need to check whether new workers are employees or contractors.”
- Registered business Name – Myth: If a worker has a registered business name, they are a contractor.
- Contracting on different jobs – Myth: If a worker is a contractor for one job, they will be a contractor for all jobs.
- Pay super – Myth: “My business should only take on contractors so we do not have to worry about super.”
- Specialist kills or qualifications – Myth: Workers used for their specialist skills or qualifications should be engaged as contractors.
- Workers wants to be a contractor – Myth:“My workers wants to be a contractor, so my business should take them on as a contractor.”
- Using Invoices – Myth: “If a worker submits an invoice for their work, they are a contractor.”
- Contracts – Myth: “If a worker’s contract has a section that says they are a contractor, then legally they are a contractor.”
ATO Employee / Contractor Decision Tool
Use the employee / contractor decision tool to find out whether your workers is an employee or contractor for tax and super!
Joint Venture(JV) Tax Considerations for Property Developers
Joint Venture tax understanding for property developers in Australia Joint Venture Agreement What is a (JV) for Property Development A joint venture (JV) is a cooperative agreement between two or more parties in which all parties contribute their resources (such as...
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National Disability Insurance Scheme What is the NDIS / SDA? NDIS The National Disability Insurance Scheme is a Federal Act developed in 2013 to allow people with a disability to exercise choice and control about matters that affect them- such as their housing....
February 2022 Newsletter Property & Tax
Property Price Increases and Tax? Property Prices Increase what about taxes? Residential properties values have increased in some cases over 30% in the last year, what does this mean for owners and investors? Family Home If the property being sold is the family home...
Directors now need an ID!
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ATO’s taxable payments annual reporting (TPAR) for Contractors still outstanding for 2019-20
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COVID-19 $150,000 Instant Asset Write-Off, Tips & Traps
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Flipping Properties – What are the tax issues to consider!
Flipping houses can be a great way to make a living or a handy lump of cash quickly, however it involves Finding the right propertyFinancing can be on a short-term basisGetting the number rightExecuting the makeover and selling in the shortest time possibleGetting the...