Rent Relief for commercial tenants
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Rent Relief for commercial tenants The Government has announced a range of measures to help renters. This includes a temporary hold on evictions and a mandatory code of conduct for commercial tenancies to support small and medium sized enterprises (SMEs) affected by coronavirus. Hold on evictions for renters Evictions will be put on […]
Shortcut Method of claiming home office running costs
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Short cut Method of claiming home office running costs The Australian Taxation Office (‘ATO’) has announced a temporary simplified short cut method to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), as a result of working from home due to the […]
Economic Stimulus Package announced by Prime Minister
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Economic Stimulus Package announced by Prime Minister The Morrison Government has announced a $17.6 billion economic plan with the following key features included. Effective today, increase of instant asset write off threshold to $150,000 (from $30,000) and expand access to include businesses with aggregated annual turnover of less than $500 million (up from […]
Selling taxable Australian property? You may need a clearance certificate from the ATO
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Selling taxable Australian property? You may need a clearance certificate from the ATO If an Australian resident is considering selling property, they should apply for an ATO clearance certificate. If a property vendor does not apply for a clearance certificate and present it to the purchaser, the purchaser is required to withhold 12.5% […]
Damage or destruction of a rental property
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Damage or destruction of a rental property What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to declare for your rental property. Declaring income If you receive a payout […]
Lifestyle assets continue to be an ATO audit target
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] Lifestyle assets continue to be an ATO audit target The ATO has revealed it will request a further five years’ worth of policy information from over 30 insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft. The ATO expects to receive information about assets owned […]
Claim vehicle expenses
[siteorigin_widget class=”SiteOrigin_Widget_Hero_Widget”][/siteorigin_widget] To claim vehicle expenses, odometer records are not strictly “set-and-forget” The rules for individuals making claims for vehicle expenses (which apply to both employees and non-employees) state that taxpayers are required to substantiate claims for a vehicle that is used for income producing purposes. Remember however that unlike other work-related expenses, the $300 […]