Category: Uncategorized
-
Claiming phone and internet deductions
Five pages that will probably mean you claim a $50 deduction… Thanks for wasting my time Ken
-
Remembering Division 7A loans
Not another Division 7A paper… Yes, but keep reading as I believe we have become lazy in how we manage our private company loans, and I think you might need to tighten up your processes to avoid a risk of large dividends arising. Section 1 is just a reminder on what can be loans under…
-
GST and Property Development – Change in use and the 5 year rule
I often get asked… “What if we claimed all the input tax credits when we built the residential premises but now we have rented it out for 5 years. Does this mean I get all the input tax credits from building it and then do not remit GST on the sale under the five year…
-
Working from home deductions post COVID-19
Draft Practical Compliance Guideline PCG 2022/D4 Claiming a deduction for additional running expenses incurred while working from home – ATO compliance approach The Commissioner has come up with his new rate for working from home deductions post COVID-19. To get this new 67 cent an hour rate you need be working from home while carrying out your employment…
-
Budget – don’t blink and you will miss it…
There was a time when we would spend hours every Budget night modelling the tax and super changes to help our clients understand what they mean for themselves and their businesses… but last night we all got a very early night. I know we all were interested in the fact that diplomatic and consular representations…
-
Boosts are back
In its pre election budget, the previous Government announced two “boosts”… A skills and training boost and a technology investment boost. Well it looks like the new government has decided to continue with these as the Treasury has released draft legislation for both the skills and training boost and a technology investment boost. Technology investment…
-
What is a fair share of tax
from Taxation Statistics 2020… In the 2020 tax year, there were 15,000,000 individuals that lodged tax returns, with net tax of $225 billion. 3% of these individuals who lodged tax returns (445,000 people) who had the highest incomes paid 29% of all of this tax (over $65 billion) 9% of these individuals who lodged tax…
-
Electric Vehicles exemption from FBT – even if salary packaged
The new Government has introduced a Bill that states that employers are exempt from FBT for car fringe benefits involving cars that are eligible zero or low emissions vehicles made available to employees. To be eligible for the exemption the value of the car at the first retail sale must be below the luxury car…
-
Crypto not taxed as foreign currency
We just got our first tax announcement from the new Labor Government. The Treasurer, in a media release, stated that crypto currencies will continue to be excluded from foreign currency tax arrangements under this Government and capital gains tax will continue to apply to crypto assets that are held as investments. This treatment will be…
-
NSW stamp duty v new “annual land tax”
We are going to get asked the question so we need a spreadsheet. But of course to do the calculation we need to know the purchase price (to work out the stamp duty), whether it is an owner occupier (higher land tax rates for investment properties), the Unimproved Land Value (ULV), the estimated percentage growth…
TaxRambling.com 