INVESTING IN PROPERTY FOR YOUR RETIREMENT

If you are investing or planning to invest in property for your retirement, there are a few things you need to consider. What’s your goal? No matter what your reason for investing in property it’s important you know exactly what your goal is. It could be to eventually live off the rent from your property […]

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GST WITHHOLDING MEASURES NOW LAW

Legislation has been passed to “clamp down” on GST evasion in the property development sector. From 1 July 2018, purchasers of new residential premises and new residential subdivisions will generally be required to withhold the GST on the purchase price at settlement and pay it directly to the ATO. Property developers will also need to […]

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CONTINUED ATO FOCUS ON HOLIDAY HOME RENTALS

The ATO has recently advised that they are “setting their sights on the large number of mistakes, errors and false claims made by rental property owners who use their own property for personal holidays”. While it confirms that the private use of holiday homes by friends and family is entirely legitimate, the ATO states that […]

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GET READY FOR SINGLE TOUCH PAYROLL

Single Touch Payroll (or ‘STP’) is mandatory for ‘substantial employers’ (being those with 20 or more employees) from 1 July 2018. All employers are required to count the number of employees on their payroll on 1 April 2018 to find out if they are a substantial employer (note that this can be done after 1 […]

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EMPLOYEE DENIED DEDUCTIONS FOR WORK-RELATED EXPENSES

An employee photographer has been denied deductions for travel expenses (when travelling with his family), and other purported work related expenses. The AAT held that the travel expenses were primarily incurred for the purposes of a family trip or holiday and were therefore non-deductible, as they were private and domestic in nature. Also, in relation […]

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NEW FBT RATES FOR THE 2018/19 FBT YEAR

Editor: The ATO has released Taxation Determinations setting out the following rates for the FBT year commencing on 1 April 2018.   FBT:  Benchmark interest rate The benchmark interest rate for the 2018/19 FBT year is 5.20% p.a., which is used to calculate the taxable value of: a loan fringe benefit; and a car fringe […]

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The Consequences Of Not Registering On The Personal Property Securities Register Can Be Very Expensive

Every business should give consideration to developing a policy of registering customers on the Personal Property Securities Register so that the business has some protection in the unfortunate event that a customer has an insolvency problem. Businesses which are undertaking contracts with other organisations that relate to services being provided over an extended period of […]

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Five questions you should ask your Quantity Surveyor

Are you an investor who’s heard about the benefits of depreciation and have decided to start claiming? That’s great news for your investment. Claiming depreciation will help you maximise the cash return from your investment property. As a non-cash deduction, depreciation is a quick win for investors and requires minimal effort on the owner’s end. […]

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No need to actually ‘downsize’ for ‘downsizer contributions’

From 1 July 2018, individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was their main residence to make superannuation contributions (referred to as ‘downsizer contributions’), up to a maximum of $300,000 per person (i.e., up to $600,000 per couple), without having to satisfy the age or […]

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Commissioner’s speech highlights ATO’s focus areas

Recently, the Commissioner of Taxation highlighted the areas in which the ATO has recently increased its focus, including: undeclared income; individuals’ unexplained wealth or lifestyle; incorrectly claimed private expenses; unpaid superannuation guarantee; and cash-only businesses and those with low usage of merchant banking facilities, with black economy visits to over 2,600 businesses across 8 locations […]

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