ATO Archives - Rider Accountants & Mortgage Brokers

Property renovators could be taxed up to 47pc under new rulesProperty renovators could be taxed up to 47pc under new rules

22/04/2024 Steven Rider CPA 0 Comments

Property renovators and “flippers” who buy and sell for a quick profit could be taxed at their highest marginal rate of up to 47 per cent when selling houses after an Administrative Appeals Tribunal decision, lawyers say. This would also mean losing their capital gains tax discount of 50 per{...}

Housing Property Accounting

GST May be Applicable on Property TransactionGST May be Applicable on Property Transaction

22/11/2023 Steven Rider CPA 0 Comments

GST at settlement may apply when buying or selling new residential premises or potential residential land. If your income making activities includes selling property and they make $75,000 or more in a year, even if it’s from a one-off property transaction, you need to register for GST. Once you are registered,{...}

Property Accounting

2023 Income Tax – What’s new for individuals2023 Income Tax – What’s new for individuals

27/07/2023 Steven Rider CPA 0 Comments

Before you complete your tax return for 2022–23, find out what’s new and any changes that may affect you. On this page Working from home deduction changes The fixed rate method for calculating your deduction for working from home expenses has been revised. The revised fixed rate method allows you to claim{...}

Property Accounting

ATO data-matching for motor vehicle registrationsATO data-matching for motor vehicle registrations

27/07/2023 Steven Rider CPA 0 Comments

The ATO has gazetted a notice of a data-matching program – Motor vehicle registrations 2022-23 to2024-25 – which will enable it to continue to acquire motor vehicle registry data from the eight Stateand Territory motor vehicle registry authorities for this period. It will risk profile taxpayers buying, sellingor acquiring motor{...}

Property Accounting

Uber Drivers Can Claim an Immediate Tax Deduction for Capital Expenses Such as a CarUber Drivers Can Claim an Immediate Tax Deduction for Capital Expenses Such as a Car

25/07/2023 BAS Agent 0 Comments

If you are an Uber driver did you know the ATO sees you as self-employed? Well yes that is the case and it means you have access to all the tax concessions available to small businesses, including the temporary full expensing of capital items available until 30 June 2023. That{...}

Property Accounting

Sharing Economy Reporting Regime commences 1 JulySharing Economy Reporting Regime commences 1 July

02/07/2023 BAS Agent 0 Comments

I have a lot of clients who earn income by providing taxi travel (including ride-sourcing) or short-term accommodation, and I make sure they’re aware of their tax obligations. From 1 July, the electronic distribution platforms they sell through will be required to collect and report seller transactions to the ATO as{...}

Property Accounting

Small business technology investment boostSmall business technology investment boost

28/06/2023 Steven Rider CPA 0 Comments

Check if you can claim a 20% bonus deduction on technology expenditure to help digitise your small business. About the boost Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction to support their digital operations and digitise their operations. The{...}

Property Accounting

ATO Focus Areas for 2023 and How a CPA Can HelpATO Focus Areas for 2023 and How a CPA Can Help

23/06/2023 Steven Rider CPA 0 Comments

The ATO is maintaining its focus on work‑related expenses and rental property deductions this year. Cryptocurrency and private use of business assets are also mentioned regularly. With a revised fixed rate of 67 cents per hour for working from home (WFH) expenses from 2022-2023, the ATO is expected to check that taxpayers are using{...}

Property Accounting

Top 10 tips to help rental property owners avoid common tax mistakesTop 10 tips to help rental property owners avoid common tax mistakes

17/05/2023 Steven Rider CPA 0 Comments

To access or download a copy of the ATO fact sheet in portable document format (PDF), see Top 10 tips to help rental property owners avoid common tax mistakes (PDF, 215KB)This link will download a file. Whether you use Rider Accoutants & Advisors as your tax agent or choose to lodge{...}

Property Accounting

Tax Ombudsman discovers something ‘weird’ about self-filersTax Ombudsman discovers something ‘weird’ about self-filers

10/10/2022 admin 0 Comments

Tom McIlroy Political reporter Oct 10, 2022 – Source: Australian Financial Review Thousands of Australians do their own tax and then object to the result, a phenomenon the Tax Ombudsman has described as “weird”. Australians lodging their own annual tax return are the source of more than half the complaints{...}

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