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ATO data matching program – Rental income & Capital Gain
Have you declared rental income & capital gain from sale of property? ATO will collect data from rental bond from the following sources: ■ New South Wales Office of Fair Trading – Rental Bond Board ■ Residential Tenancies Bond Authority – Consumer Affairs...
ATO Data Matching Programs – Online Accommodation Platforms
Have you declared income from online accommodation platforms? ATO will collect data from online accommodation platforms such as ■ Listing owner and property details Name Contact details (residential address and telephone number(s)) Date of birth Rental property...
Am I a foreign property investor & liable for stamp duty surcharge?
Stamp Duty Surcharge: Do you know you may be classified as a foreign person & liable for the stamp duty surcharge on property investment, even if you are a permanent resident & Citizen of Australia? Each State sets own rules, see the below. New South Wales Stamp...
EOFY 2018 Work-related deduction checklist A-Z
2018 Work-related deduction checklist A-Z Item Tax deductible Admission fees: For lawyers and other professionals. Disallowed as capital cost. No Airport lounge membership: Deductions to the extent used for work-related purposes. Yes Annual practising...
Visa application processing times
Visa application processing times Last updated: 19 June 2018 (for month ending 31 May 2018) Visa Type Stream (if available) 75% of applications processed in 90% of applications processed in Visitor visas 651 eVisitor 1 business day 2 days 600 Visitor Tourist1 19 days...
Hurry up if you’ve not done 2017 tax return
If you didn’t receive family assistance in 2016–17 You may be able to claim your payments as a lump sum. You have until 30 June 2018 to submit a claim for: Family Tax Benefit (FTB) Child Care Benefit (CCB) Single Income Family Supplement (SIFS)...
New GST rule on Low Value Imports
New GST rule on Low Value Imports From 1 July 2018, suppliers to Australia of imported goods with a customs value $1,000 or less will be required to pay GST where “Australian consumer”....
New NSW Payroll tax free threshold
From 1 July 2018, the tax-free threshold for NSW payroll tax will increase from $750,000 to $850,000. It will continue to increase by $50,000 every year to reach $1m in 2021/22. The threshold will be $850,000 in 2018/19, $900,000 in 2019/20, $950,000 in 2020/21 and...
Superannuation Guarantee Amnesty
On 24 May 2018, the government announced the start of a Superannuation Guarantee Amnesty. The Amnesty will be available retrospectively from 24 May 2018 to 23 May 2019, subject to legislation passing. The Amnesty gives employers a one-off opportunity to self-correct...
PERSONAL INCOME TAX PLANNING CONSIDERATIONS
The following tax planning measures should be borne in respect of your own individual circumstances. Salary sacrifice arrangements If employed you may wish to review your remuneration arrangements with your employer and forego future gross salary in return for...