Entries by Juilee Sathe

Three Common CGT Obstacles For Homeowners

In straightforward cases, a property owned by individuals and used as a main residence throughout the period of ownership will receive a full exemption from capital gains tax (CGT) when the home is sold. But this “main residence exemption” has a number of caveats. Here, we highlight three common scenarios in which a homeowner may face […]

Increased Super Thresholds For 2019-20

While the concessional and non-concessional contributions caps will remain unchanged for the 2019-20 financial year, certain other important superannuation thresholds are set to increase from 1 July 2019. The “CGT cap amount” for non-concessional contributions will increase by $35,000 to $1.515 million for 2019-20, up from $1.480 million for 2018-19. The CGT cap amount is […]

Explanatory Memorandum April 2019

Things to get right this FBT season Fringe benefits tax (FBT) returns will soon be due and with the FBT season now in full swing, it’s vital for tax professionals and managers to have the latest information. FBT expert Stephen O’Flynn has outlined some things to get right with 2019 FBT returns. FBT rate updates […]

BUDGET – SPECIAL EDITION

PERSONAL TAXATION Personal tax cuts: low–mid tax offset increase now; more rate changes from 2022 In the 2019–2020 Federal Budget, the Coalition Government announced its intention to provide further reductions in tax through the non-refundable low- and middle-income tax offset (LMITO). Under the changes, the maximum reduction in an eligible individual’s tax from the LMITO […]

Client Alert – April 2019

Things to get right this FBT season Fringe benefits tax (FBT) returns will soon be due and as always, it’s vital to make sure you use the latest rates and rely on the correct information. FBT rates have recently been updated for the year, and a range of other factors may be need to be […]

How Does Listing My Home On Airbnb Affect My Tax?

Millions of Australians are now using the sharing economy to earn some extra money on the side. Thanks to smartphones and user-friendly app technology, people young and old are using peer-to-peer digital platforms to access sharing services like ride sharing, accommodation sharing, “odd jobs” networks and even pet minding. The government is concerned that some Australians […]

Greater Flexibility For Accessing Company Losses

The ability to carry forward tax losses is important for business growth and innovation. A tax loss arises when a taxpayer has more deductions in an income year than assessable income. Being able to carry forward tax losses and deduct these against future assessable income encourages businesses to undertake entrepreneurial or innovative activities that may not […]

Get your Rental Property claims right

Claims for rental property tax deductions contain errors in 90 per cent of cases, the Australian Taxation Office reports. It is planning a blitz on what it calls ‘its next big area of focus’. The ATO says it recently completed investigations of 300 rental property claims and found errors in almost nine out of 10. […]

New PAYG laws to place focus on on-time BAS lodgment

Late last year, new legislation to deny an income tax deduction for certain payments if the associated withholding obligations have not been complied with were passed. Payments that are impacted includes salary, wages, commissions, bonuses or allowances to an employee; director’s fees; payments under a labour hire arrangement; payments to a religious practitioner; and payments for a […]