Principal Place of Residence Exemption Loss if Sold While Overseas Summary of how the Principal Place of Residence (PPR) Exemption is impacted by moving overseas. When Australian homeowners move overseas and become non-residents for tax purposes, selling their...
Have you changed your name since your last tax return!
If you have changed your name since lodging your last tax return, you will need to update the changes separately before you can successfully lodge your current tax return. Previously we were able to change your name on the front page of the tax return, however this will delay the processing of your tax return now. The ATO has had to update its procedures to help protect us against possible identity theft. One of our most valuable assets now is our identity, which we can never be to careful with.
Only you can update you name with the ATO over the phone by quoting details from an ‘identity’ document that the ATO can verify (see list below). Your records will be updated in real time. Alternatively you can update your details on your My Gov Account online.
ATO – Change of details for individual form
The ATO will need documentary evidence before changing your name.
Get it done
You can phone the ATO on 13 28 61, outside Australia, +61 2 6216 1111 and provide information from your client’s identity document.
Identity documents
Identity documents that can be verified over the phone are:
- Australian birth certificate (full certificate, not an extract)
- Australian marriage certificate (except QLD marriage certificates)
- Australian change of name certificate
- Australian drivers licence or learners permit
- Australian Medicare card
- Australian passport
- Australian visa (using information from your overseas passport)
- Australian citizenship certificate.
For non-residents and clients who want to update their name themselves, refer to – Updating your details with us
Umbrella Accountants March 2022 Newsletter, Property / Business Tax Tips
NDIS / SDA Housing GST Considerations NDIS / SDA Typically these types of residential investment properties are built to a much higher standard, but can also attract much higher returns in the order of 10% plus compared to 5% plus you could aim for with a good typical...
Rapid Antigen Test (RAT) Kits are tax-deductible?
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Directors now need an ID!
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Rapid Antigen Test (RAT) Kits are tax-deductible?
Yes can claim the tax deduction for money spent on a RAT kit in the following cases: 1. You are required to take a test before undertaking work (e.g., as a mandatory requirement under an employer’s COVID mandate), or2. You are required to travel for work interstate...
ATO may question gifts or loans from relatives overseas is income
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SEQ 2021 COVID-19 Business Support Grants
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Depreciating Landscaping Costs
When it comes to investment property depreciation, people mostly focus on the building and what’s inside, but the outdoors can be depreciable too. It is important to know that not all landscaping is depreciable; there is a difference in how ‘hard’ and ‘soft’...
ATO’s taxable payments annual reporting (TPAR) for Contractors still outstanding for 2019-20
Small Business Clients Business in the following industries that make payments to contractors or subcontractors needs to lodge a Taxable Payment Annual Report (TPAR) by the 28th of August each year. Black or Cash Economy Detection The TPAR is a black economy measure...
2020 Federal Budget – Key Take-aways
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2nd Wave COVID-19 Stimulus Packages
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