Changes to GST on Property Developments
If a Bill currently before Parliament passes, from 1 July 2018, purchasers of new residential premises or new residential subdivisions will need to remit the GST on the purchase price directly to the ATO as…
Fringe Benefits Tax Hot Spots
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the key hot spots for employers and employees. Motor Vehicles – using the company car outside of work Just because your business buys…
Important Financial & Tax Changes for 2018
There are several important tax changes being introduced in 2018. Here are the main changes you should be aware of: 1 January 2018 Vacancy fees for foreign acquisitions of residential land - An annual vacancy…
Taxing Bitcoin
Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in Australia. New legislation passed by…
Santa’s Tax Crises
A light-hearted look at the complexity of Australian taxation laws. Dear Santa, Thank you for the opportunity to provide tax advice for your operation. We are pleased you have initiated this advice as the Australian…
Why ‘property flipping’ is the next ATO target
The tax law does not allow you to ‘flip’ a property tax-free even if you are living in it. Most people think that they can move in to a property, renovate it, and then sell…
Director’s fees: what and how to pay them
The issue of Director’s fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? We answer the common questions for private companies.…
GST: new rules for imports under $1,000
Last month, Parliament passed legislation that will see GST applied to all consumer imports regardless of their value. Currently, imports below $1,000 are excluded from GST. The perceived preferential treatment of internet shopping has been…
Investment Property Tax Changes
Anyone with investment property in Australia is probably feeling a little edgy with all the recent media attention on deductions, affordable housing, and negative gearing. We take a look at some of the key tax…
What did i miss? Tax Changes
If you missed all the tax news in the last few months, here is a quick summary: GST applies to digital products & services imported by consumers Small business $20k instant asset write-off extended until…
