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Increased scrutiny of home office claims

Last year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for ‘other work-related expenses’, which includes home office expenses.

Reportedly, due to a high number of mistakes, errors and questionable claims for home office expenses, the ATO has recently advised that it will be increasing attention, scrutiny and education on th

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SG Amnesty still pending

The proposed superannuation guarantee (‘SG’) amnesty is a one-off, 12-month opportunity to self-correct past non-compliance (i.e., from 24 May 2018 to 23 May 2019).

It will apply to previously undeclared SG shortfalls for any period from 1 July 1992 up to 31 March 2018.

The ‘carrot’ currently on the table is that employers who voluntarily disclose p

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Further company tax cuts deferred (for now . . .)

The Government has decided not to put the Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017 to a vote in the Senate ... for the present point in time (it had already passed the House of Representatives without amendment).

The Bill aims to progressively extend the lower 27.5% corporate tax rate to all corporate tax entities by the 2023/24

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Personal Income Tax Cuts passed!

Parliament has passed the Government's Personal Income Tax plan, meaning that the first stage of the proposed income tax cuts will start to take effect from 1 July 2018.

According to the Prime Minister, taxes "will now be lower, fairer and simpler".

The Government's plan has three steps:

(1) The Government will introduce the Low and Middle Income Tax Offset (in additi

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2018 Budget Update

The Government handed down the 2018/19 Federal Budget on Tuesday 8th May 2018.  Some of the important proposals include:

  • The introduction of the 'Low and Middle Income Tax Offset', a temporary non-refundable tax offset of up to $530 p.a. to Australian resident low and middle income taxpayers for the 2019 to 2022 income years.  This offset will apply in addition to the Lo
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The benefit:

  • It is cheaper.

 The Problems/Risks:

  • Quality
  • Timing
  • Privacy

 We do not compromise on any of these to increase our bottom line or "save" you compliance costs.

 What is perceived as quality in a 3rd world country is a far cry from what is perceived as quality in Australia;

 Geographic time differences cause disruptions in communications;

 Your data is in

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Discover how your tax situation is transformed

A recent analysis of schedules prepared by BMT Tax Depreciation highlighted that 22 per cent of schedules were for primary places of residence (homes) which the owners turned into rental properties.

This demonstrates a popular trend occurring in the residential market, in which a significant number of home owners are recognising the additional value

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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 give writt

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Those considering purchasing an investment property will often ask whether a commercial or a residential property will provide them with more deductions in the form of depreciation.

There are many important factors an investor needs to be aware of when making their choice between these two investment options.

Typesof depreciation, how the rules change

Depreciation deductions apply to investment p

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New superannuation rates and thresholds released 

The ATO has published the key superannuation rates and thresholds for the 2018/19 income year.

  • The Non-Concessional Contributions cap will remain at $100,000 (although transitional arrangements may apply), and the Concessional Contributions cap will remain at $25,000.
  • The CGT cap amount will be$1,480,000.
  • The Division 293 tax threshold
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Data collected by BMT Tax Depreciation, Australia’s leading tax depreciation specialist, indicates that in the 2016-2017 financial year there was a 22 per cent growth in the number of schedules requested for granny flats nationwide.

Of the states Queensland, Western Australia and New South Wales saw the highest growth in the number of depreciation schedules requested for this type of proper

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Big changes proposed to eligibility for the CGT SBCs

The Treasurer has released draft legislation containing new "integrity improvements" to the CGT small business concessions ('SBCs') (i.e., including the 15-year exemption, the retirement exemption, the 50% active asset reduction and the small business roll-over).

Due to the government's "continued support for genuine small business taxpayers", it

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While property investing is one of Australia’s favourite past times, it doesn’t mean it’s always an easy ride. There are ups and down and certainly rewards to reap, but you do have to put in some ground work and planning to become a successful investor.

While this can seem overwhelming at times – especially for first time investors – the good news is that you don&rsq

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Further 'affordable housing' measures passed

Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and also allowing older Australians to 'downsize' and then contribute the proceeds of the sale of their family home into superannuation.

From 1 July 2018, a first home buyer will be able to wi

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NTAA 2018 Federal Budget includes several changes:

Personal Income Tax Plan

  • Targeted tax Leif for low and middle income earners that
  • Protecting middle income earners by changing tax income brackets
  • Ensuring that Australians pay less tax by making the system less complicated
  • Changes to Medicare levy low income thresholds

Those changes will have huge effect on your payroll starting from the

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