Four Priorities for the ATO 2022 Tax Time

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Articles Home Articles Back to Articles Four Priorities for the ATO 2022 Tax Time June 9, 2022 Blog The ATO has announced a focus for Tax Time 2022 – Individuals, including the following four areas: record-keeping work-related expenses rental property income and deductions, and capital gain from crypto assets, property and shares. Record-keeping Records are […]

Questions About Deductions

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Articles Home Articles Back to Articles Questions About Deductions June 9, 2022 Blog 3 golden rules regard to work-related deductions: Make sure you spent the money yourself and were not reimbursed in any way Make sure it is the portion related to your employment Make sure you have evidence to prove it Car Expenses A […]

Interest Deductibility: Land

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Articles Home Articles Back to Articles Interest Deductibility: Land June 8, 2022 Blog Are interest payments on the land deductible? Generally, the spending involved in holding vacant land cannot deduct, which includes: Ongoing borrowing costs, including interest payments on money borrowed for the acquisition of land. Land taxes. Council rates. Maintenance costs. But the interest […]

Margin Scheme on Sale of Vacant Land (GST on Property Sales)

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Articles Home Articles Back to Articles Margin Scheme on Sale of Vacant Land (GST on Property Sales) June 8, 2022 Blog Generally, the amount of GST you must pay on property sales is equal to one-eleventh of the sale price. If eligible, you may be able to use the margin scheme on your property sale. […]

Review of your Income Tax Return by the ATO and Record Keeping

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Articles Home Articles Back to Articles Review of your Income Tax Return by the ATO and Record Keeping June 8, 2022 Blog We have recently had a few requests for clarification on the length of time the ATO has to review your Income Tax Return and also the length of time you need to retain […]