Tax
Tax Obligations For Car Sharing
The ATO has flagged these car sharing service platforms and believes that, by using their sophisticated data matching systems, they can identify where sharing platforms are being used to generate income.
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Small Businesses Do Need Tax Guidance
We’re glad to hear the head of the ATO, Chris Jordan, has come out recently and commented on tax obligations for small business people. It’s very complex, but so important that small business people get it right.
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Can I Claim Travel Expenses For My Rental Property?
Travel expenses relating to inspecting, maintaining, or collecting rent for a residential rental property cannot be claimed as deductions by investors. The travel expenditure is also not recognised in the cost base of the property for CGT purposes.
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Time Is Up For Dodgy Accountants
We absolutely love that the ATO has singled out the presence of about 500 dodgy tax agents in the Aussie tax community. The ATO assistant commissioner, Adam Kendrick, has recently spoke about these dodgy agents eating into market share of good quality, well trained tax agents…
Death and Small Business CGT Concessions
They say that two things in life are inevitable – death and taxes. This doesn’t mean that the two have to happen at the same time. Generally where there is a change of ownership in small business, a CGT event is deemed to have occurred which may result in a capital loss or taxable gain. When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, if one exists, and as such the Capital Gains Tax rules apply.
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Death and Small Business CGT Concessions
They say that two things in life are inevitable – death and taxes. This doesn’t mean that the two have to happen at the same time. Generally where there is a change of ownership in small business, a CGT event is deemed to have occurred which may result in a capital loss or taxable gain. When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, if one exists, and as such the Capital Gains Tax rules apply.
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Clothing Deductions Hung Out To Dry
The ATO says that clothing claims are up nearly 20 per cent over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible clothing, claiming for something without having spent the money, and not being able to explain the basis for how the claim was calculated.
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Your Income is Your Number One Asset
When starting out in small business, you have to take 100 per cent responsibility for the income you’re going to generate. That means you need a defensive strategy in place for your income.
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