News

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ANSWERS TO COVID-19 WORK-FROM-HOME EXPENSE QUESTIONS AND CGT CONCERNS

There are many questions being asked lately about claiming expenses when forced to work from home over the COVID-19 period – plus a lot of concern about any consequent capital gains issues when later selling a property from which people have been coerced to work from during this time. Capital gains First of all, the […]

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JOBKEEPER SUBSIDY ANNOUNCED 30 MARCH 2020

As of yesterday, the government announced the $1,500 JobKeeper subsidy to help keep staff employed. To be part of the subsidy, employers will need to ensure that their employees receive at least $1,500 per fortnight (before tax). Effective date: For employees employed as at and from 30 March 2020 for 6 months or until the employee[…..]

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LIMITED OPTIONS TO ACCESS YOUR SUPER EARLY

There are very limited circumstances when you can access your superannuation savings earlier than when you meet what the ATO calls a “condition of release” — which for most people generally means achieving a certain age and retiring. The other limited circumstances mainly relate to specific medical conditions, severe financial hardship or on compassionate grounds.[…..]

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CGT WHEN SPOUSES HAVE DIFFERENT MAIN RESIDENCES

It can sometimes be the case that spouses can have different main residences at the same time. When this occurs, special CGT rules apply to in […]

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RENTAL PROPERTY OWNERS: TOP 10 TIPS TO AVOID COMMON TAX MISTAKES

The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims, and the outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles, and how best to avoid them. 1. Apportioning expenses and income for co-owned […]

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THE SMSF SECTOR IS GROWING BY $23,200 EVERY MINUTE

The latest statistical report from APRA has been released (here’s a link to download it — https://bit.ly/2kIH9Oz), which of course mainly focuses on the APRA-regulated superannuation funds in the retail and industry sectors. But the APRA statistics also make passing mention of ATO-regulated funds, the SMSF sector, which from June 2018 to June 2019 grew[…..]

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WHAT YOU NEED TO KNOW ABOUT YOUR AIRBNB RENTAL AND TAX OBLIGATIONS – TAX ACCOUNTANTS NORTH RYDE

Advertising your property on Airbnb or other digital platforms can be a good way to earn some extra dollars but do you know your tax obligations? The ATO is having a crack-down on the sharing economy and will be carefully checking the details of people earning money from short-term rental of their property on sites[…..]

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