Vacant land deduction changes hit ‘Mum & Dad’ property developments

Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.

Investment, Superannuation, TaxationJPR BUSINESS GROUP1 November 2019tax, Taxation, property, property law

CGT and the family home: expats and foreigners targeted again

The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents.

Taxation, SuperannuationJPR BUSINESS GROUP1 November 2019Tax, Taxation, Capital Gains Tax

Tax alert: Distributions to non-resident beneficiaries

The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.

TaxationJPR BUSINESS GROUP3 October 2019ATO, Tax, Taxation, Capital Gains Tax

The ATO 'removes the gloves' on overseas income

How you are taxed and what you are taxed on depends on your residency status for tax purposes. As tax residency can be different to your general residency status it’s important to seek clarification. The residency tests don’t necessarily work on ‘common sense.’

The small business tax shortfall is worth $1.1 billion

Last month, the ATO released statistics showing small business is responsible for 12.5% ($11.1 billion) of the total estimated ‘tax gap’. These new figures give visibility to tax compliance issues within the small business sector and indicate where we can expect ATO resources to be focussed now and in the future.

Financial Accounting, Investment, TaxationJPR BUSINESS GROUP1 September 2019ATO, Tax, Taxation, small business, business

You want to claim lego? - the weirdest tax deductions revealed

Would you claim the Lego you bought for your kids throughout the year as a tax deduction? One taxpayer did and it made the Australian Taxation Office’s 2018-19 list of most unusual claims.

TaxationJPR BUSINESS GROUP8 August 2019tax, tax deductions, Taxation

Personal income tax changes – addressing the confusion around what you are really entitled to?

The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how they can access the $1,080 they now believe is owing to them.

TaxationJPR BUSINESS GROUP31 July 2019Tax, income tax, Taxation, personal tax, ATO, australian tax office

Tax office to double audits of 'dodgy' rental deductions

Rental property owners are being warned to ensure their claims are correct this tax time, as the ATO has announced it will double the number of audits scrutinising rental deductions

Single Touch Payroll Update

The ATO has reminded employers that legislation has been passed to extend Single Touch Payroll ('STP') to include all employers from 1 July 2019.

This will be a gradual start, and not all employers will start reporting at the same time.

Tax time: Are you right in the ATO's sights?

A consistent theme this tax time is overclaiming and under reporting. With the Australian Taxation Office (ATO) getting more and more sophisticated in its data matching approaches, taxpayers can expect greater scrutiny where their claims are more than what is expected. We take a look at the key issues for you, your business and your SMSF.