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New CGT rule
Non-tax residents may not able to access the main residence CGT exemption, unless a specific life event such as death, a terminal medical condition or divorce occurs. No. Residency status when selling home Full/partial main residence exemption still available? 1...
Taxable payments reporting system (TPRS)
From 1 July 2019, the taxable payments reporting system (TPRS) expanded to include payments a business makes to contractors who provide any of the following relevant services on their behalf: road freight servicessecurity, investigation or surveillance...
Refinancing traps to avoid
Refinancing traps to avoid Whether you’re after lower repayments or want to tap into the equity sitting in your home, refinancing can offer a world of benefits. Here are some things to be aware of so that you don’t find yourself hooked into a bad deal....
Exit costs when refinancing
Exit costs when refinancing Refinancing can be a great way to save money if you believe you are paying too much for your loan, but there is more to it than just finding a loan with a lower interest rate and making the change. Before making the switch,...
Did you know gifts to clients may be tax deductible?
Example Sally is carrying on a renovation business. Sally gifts a bottle of champagne to a client who had a renovation completed within the preceding 12 months Sally expects the gift will either generate future business from the client or make them more inclined to...
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...
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...
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...
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...