The main residence exemption allows your main residence to be fully or partially exempt from capital gains tax, meaning you are not taxable on any gains or losses that arise from the sale of your main residence. You can
As in previous years the ATO will close during the Christmas-New Year period. This means the ATO will suspend their return and form processing from 11.00pm EDT Friday 25 December 2015 to 7.00am EDT Monday 4 January 2016.
In the 2015-16 Federal Budget, the government announced it will simplify the car expense deduction rules for individuals. Posts At the 30th of June there were four methods available for claiming motor vehicle expenses. F
SuperStream has now started for small businesses. If your business has 19 or fewer employees, it’s time to get ready. SuperStream is making super contributions super simple. It changes the way you pay super for your em
Did you know- if you have linked the ATO to your myGov account, the majority of your ATO mail will be sent directly to your myGov Inbox? The types of ATO mail you may receive in your myGov Inbox include: – Notices
The ATO has recently released guidelines on claiming telephone and internet expenses. These are summarised below. There are some rates set out for incidental use and using these rates if taxpayers claims are under $50 th
It was interesting to note unpaid taxes increased by 35% between 2010 to 2014. The ATO would rival the top 4 banks as lenders to small business. The ATO are stepping up their focus on debt recovery as evidenced by the in
Investment Property Depreciation and Capital Allowances. Maximise your depreciation claim of all the tax deductions available to property investors. Depreciation is the most often missed since investors do not need to sp
Reducing Information Overload The 21st century will be known for constant change and an abundance of data and information! The rate Information is sent has increased so much, that we’re adopting the ‘Omission’ conc
By now trustees should have received the trust distribution minutes for 2015. The trust distribution minutes determine the allocation of the trust’s net income to its beneficiaries for the relevant financial year. Thes
If, during the 2014 financial year, you made concessional contributions to your superannuation fund in excess of your concessional contributions cap you will receive an amended taxation assessment from the ATO. These exc
Starting from 1 July 2014, SMSFs will be required to receive contributions electronically from employers. For employers with 19 or fewer employees, the start date is delayed to 1 July 2015. To assist the employers, SMSF
