Property Price Increases and Tax? 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 and it qualifies for the main residence exemption, then the owner can
Granny flats and ancillary dwellings have grown in style and versatility becoming an increasingly popular housing option as they allow families to downsize closer to their family and friends, and provide extra space for older children and extended family. In addition, provide potential cashflow investment options now or in retirement,
All directors or proposed directors within 12 months of directorships of companies corporate associations & body corporates registered under the Corporations Act. Corporate Trustees for Trusts SMSF Corporate Trustee Need to apply for a Directors Identification Number (DID) asap I am writing to let you know about new legislation that
Many people in Australia receive gifts or loans from relatives overseas. As a result, it is not uncommon for the ATO to scrutinise these transactions to ensure they are genuine and not undeclared taxable income or capital gains. If you are the recipient of a financial gift or loan from
SEQ 2021 COVID-19 Business Support Grant – Open at Midnight 16th August 2021 Targeted Support to who? Queensland Labour State Government is targeting only businesses with unrelated staff for grant support, why? business with related staff only, may be able to manipulate compliance also, such business may be seen to have
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’ landscaping is treated in terms of depreciation.
GST Margin scheme guidance enhanced after user mistakes If you sell or develop the property, you may be eligible to use the margin scheme, reducing the amount of GST payable on some property transactions. However, the ATO says it has noticed errors in the two key parts to the margin
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 designed to assist the ATO to identify contractors who don’t
Property Landscaping Tax Deductions? A common question asked by clients! How do I treat for tax the cost of landscaping to improve the value of a property? Landscaping is an improvement to the property and therefore not deductible under section 8-1. OK, what about landscaping being deductible under Div 43
Individuals Personal income tax cuts Date of effect 1 July 2020 Tax thresholds Tax rate Current From 1 July 2020 From 1 July 2024 0% $0 – $18,200 $0 – $18,200 $0 – $18,200 19% $18,201 – $37,000 $18,201 – $45,000 $18,201 – $45,000 30% $45,001
JK1 Finished on the 27th September (JK) 1 finished on the 27th September so all payments for JK 1, Fortnight 13 need to be paid by 27th September and then make the Monthly Declaration by 14th October to receive the September JK1 Subsidy of $1,500 per fortnight per employee. JK2
Urgent JobKeeper action required forNew Employees by Monday 24th August 2020 The Government has amended the JobKeeper rules to allow more employees to qualify for the JobKeeper payment. This is achieved by extending the eligible employee test to also include eligible employees who were employed on 1 July 2020 (in addition
