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Common tax traps for residential rental properties Common tax traps for residential rental properties

22/04/2024 Steven Rider CPA 0 Comments

Getting claims right is more important than ever with the ATO’s increased focus on residential rental properties. • 11 April 2024 • Steven P. Rider CPA As we approach the end of the income year, this is an ideal time to look at the traps that can trip up agents when preparing{...}

Property Rental

POST-SALE INTEREST FOR RENTAL PROPERTIESPOST-SALE INTEREST FOR RENTAL PROPERTIES

25/09/2023 admin 0 Comments

Post-cessation interest for rental properties (i.e., Loan Shortfalls) and the Vacant Land Rule In some circumstances, the sale proceeds from an income-producing property may not be sufficient to fully pay off the loan which the taxpayer borrowed for acquiring the property; which means the taxpayer will continue to be charged{...}

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

The little-known tax breaks that could boost your superThe little-known tax breaks that could boost your super

29/06/2023 Steven Rider CPA 0 Comments

The new financial year is almost upon us: it might be time to look into the often-overlooked tax breaks you could get by contributing extra to your superannuation. Tax breaks on retirement savings do not attract nearly the same attention as tax breaks on the family home, leaving many –{...}

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{...}

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