Blog tagged as ATO Rules

Australia Weekly Digest - 26 May 2021

Australia Weekly Digest - 19 May 2021

Find out how good habits, organised record keeping and tax planning with your Tax Specialists can make your business more profitable.

Australia Weekly Digest - 21 April 2021

What are the top 3 Reasons why you should hire a payroll specialist?

Do you want to know what you should consider before you decide to buy an investment property?

Should your staff be contractors or employees? There are many factors to assess and it’s the business owner’s responsibility to get it right.

Did your business make an income tax loss in 2020? You may be eligible for the loss carry back tax offset in this financial year. Get in touch to see if your business qualifies and how to best use this refundable offset to generate cash flow.

You may incur various types of legal expenses in relation with rental properties but all legal expenses are not claimable. Please read what is claimable and what is non-claimable.

Being tax-smart when investing in property means more than making the right property choices. If you use your property to earn income at any time, you will have tax obligation and entitlements.

If you take out a loan to purchase a rental property, you can claim a deduction for the interest charged on the loan or a portion of the interest. However, the property must be rented out or genuinely available for rent in the income year you claim a deduction.

You may be able to claim a full deduction for the cost of repairs and maintenance in the year that you incur them or capital expenditure and improvements over several years depending upon the fact if the expense is part of a repair or improvement.

If you are not the only owner of a rental property, you can understand your position better by being aware of these provisions about apportioning your income and expenses to arrive at net income or loss.

After 9 May 2017, you will not be able to claim depreciation on used 'Plant and Equipment' items. It means you will lose on depreciation if you buy a second-hand property after 9 May 2017.

This is all that you need to know about taxation on rental properties.

What are the top 3 mistakes taxpayers with rental property income make in their tax returns?

Calculate most complex working from home deductions in less than 5 miutes

25 expense items that you can claim in your working from home deductions

Calculate most complex working from home deductions in less than 5 minutes.