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“Beware” New Accounting Standards

The coming end of financial year reporting period will be the first period that many entities will be applying the new accounting standards in relation to revenue recognition and leases in their financial statements. These…

Adjustment to work from home expenses

With the increased numbers of taxpayers working from home due to COVID-19, the ATO has released specific guidance softening the rules around claiming deductions for home office expenses, including a ‘shortcut’ set rate method. Firstly,…

CGT and the family home

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the…

Bushfire Support & Assistance

Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer. We summarise the help available to…

ATO Targets Lifestyle Assets

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial…

Can the tax office take money from your account?

You might have seen the recent spate of media freedom advertisements as part of the Your Right to Know campaign. The prime-time advertising states that the Australian Tax Office (ATO) can take money from your account without…

Tax planning should be an ongoing process

For most, tax planning is typically done before the end of the financial year, in June. At this time, you review your financial situation and likely tax position with your accountant, then also forecast what…

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