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 […]
Tax residency rules reassessed in recent Full Federal Court decision
The recent Full Federal Court decision of Harding v Commissioner of Taxation is an important tax case for Australian expatriates living and working overseas. The Court analysed two of the tests for when an individual will continue to be a tax resident of Australia. What happened in Mr Harding’s case? Mr Harding permanently departed Australia […]
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 […]