There aren’t many cases when buying property, where you can avoid giving the state revenue office a good pound or two of flesh. One particularly useful exemption though might come up when you buy that property from your partner.
Archive for the ‘tax and accounting’ Category
Stamp duty exemptions
Monday, August 23rd, 2010Tax Office ignores Case Law?
Friday, August 20th, 2010
Long-time members of our facebook page might remember us reporting a case last year, where a former student took the fight up to the tax office – and won!
Cash income
Wednesday, August 18th, 2010
As they do every year, the tax office have again made a point of telling us that they’re watching people in the cash economy. We received a letter from them recently, which has also been published on the tax office website.
Are you selling things online?
Friday, July 30th, 2010It seems to be a common misconception that selling things on ebay and other such fun places doesn’t really count as anything much and therefore, no tax needs to be paid.
Oh, if only…
Tax Office Update
Wednesday, July 28th, 2010
After every financial year the ATO update their software, mainly to take account of any changes to the tax laws for the previous year. After the new software has been installed it has to be tested and verified and during this time only a small amount of returns are processed. You might remember when they did a complete overhaul earlier this year. Gosh, what a mess. Things seem to be going a little smoother now though.
CGT Exemption: PPOR -> IP, part 2
Friday, July 23rd, 2010With all this talk of converting between PPORs and IPs, I figured I’d take it a step further and look at some other, more complex situations. It could possibly make the CGT event a little messy, but it’s best to know the right way of handling things.
Occupation-specific deductions
Monday, July 12th, 2010Ok, back into it all for the new year now, and on the ATO site we found a page that you guys might be interested in checking out. You can have a look and find out if there are any specific things you could be claiming for your 2010 tax returns that you may not have known.
Tax Planning 101 – Start Now!
Wednesday, June 30th, 2010New Years’ Eve already, hey? I don’t know about you but I can’t believe just how quickly it’s gone. And, with just a few hours left until the end of this financial year, now is the perfect time to start your tax planning.
For 2010/11, of course.
Tax Planning 101 – Give & Take
Friday, June 25th, 2010If you’ve got the cash lying around, I’d like to encourage you to consider making another donation before the end of the year.
It feels good, it makes a difference, and you’ll probably get a tax benefit.
Everyone wins.
Tax Planning 101 – Don’t Be Afraid
Monday, June 21st, 2010In the lead up to tax time, we’ve received a handful of letters from the tax office letting us know some of our clients may also receive letters from them. In particular, the tax office have warned people about claiming work-related expenses, rental property expenses, share trading and dividend-related expenses, and about declaring capital gains. So, we figured that now’s as good a time as any to educate you a little bit ourselves.