Author: hiltonadmin

To make it easier to finalise deceased estates, there have been some improvements in the ATO’s guidance for managing the tax affairs of deceased estates.

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The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018 which lapsed on the calling of the Federal election, was reintroduced into the House of Reps on 23 October 2019 (with slightly changed name) – with one major amendment.

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Working tradies need to be certain about what can or can’t be claimed on their annual tax return. A lot of the time, what you can claim depends on whether you’re an employee tradie or a small business (that is, operating as a sole trader, partnership, company or trust).

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When someone has plans for starting a new business, one of the central decisions is which business trading structure will work best for their venture.

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Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience.

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The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with the claims made, and the tax outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles, and how best to avoid them.

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As a taxpayer, if you use your own car for work purposes, you can claim a tax deduction using one of two methods — the cents per kilometre method or the logbook method. If you use someone else’s car for work purposes, you can only claim for direct costs you pay for (such as the fuel used).

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When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another section of income tax legislation, or is incurred in earning exempt and non-assessable non-exempt income.

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If you’ve lost your tax file number (TFN) there are a few options for you to try to get it back.

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This tax time, the ATO, as usual, has nominated some tax claim hot spots that it will be paying attention to.

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