Renting out part or all of your home, Tax implications.

When you rent out part or your entire home, the rent money is generally considered as assessable income because: Your rental income must be declared in your income tax return, and deductions can be claimed for the associated expenses, such as part or all of the interest on your home loan You may not be entitled to the full main residence exemption from CGT, which means [...]

2016-10-12T23:45:39+00:00 September 21st, 2016|Categories: Tax|Tags: |0 Comments

What’s new in pre filling 2016?

What is pre-filling? The Pre-filling service is the ATO service for tax practitioners accessible through the Tax Agent Portal (TAP) and Standard Business Reporting External Link (SBR) enabled software, through the practitioner lodgement service (PLS). Following are the contents of pre filling 2016. Taxpayer details PAYG payment summaries Government payments ATO interest Interest income Dividend income Employee share schemes Managed funds distributions Partnership distributions Foreign source investment income Share [...]

2016-10-12T23:45:43+00:00 July 21st, 2016|Categories: Tax|Tags: |0 Comments

GST cross-border transactions between businesses

Due to recent changes in GST legislation effective from 1 October 2016, certain transactions between overseas businesses and Australian businesses will no longer be subject to GST. This means a reduction in compliance costs for GST registered importers. Non-resident businesses will no longer be drawn into Australia’s GST system. This has been achieved by: amending the test for ‘carrying on an enterprise in Australia’ limiting the cases [...]

2016-07-24T10:29:32+00:00 July 15th, 2016|Categories: Tax|Tags: |0 Comments