When It Comes To Real Estate And Cgt Timing Is Important

When it comes to real estate and CGT, timing is important - Tax Accountants Manor Lakes

When you sell or otherwise dispose of real estate, the time of the event (when you make a capital gain or loss) is usually when one of the following occurs:

  • You enter into the contract (the date on the contract), not when you settle. The fact that a contract is subject to a condition, such as finance approval, generally doesn't affect this date.

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Refinancing Loan Interest May Be Deductible To A Partnership

Refinancing loan interest may be deductible to a partnership - Tax Accountants Willetton

A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.

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New Insolvency Reforms To Support Small Business

New insolvency reforms to support small business - Tax Accountants Warwick

The Australian Government has made changes to the ATO’s insolvency framework to help more small businesses restructure and survive the economic impact of COVID-19.

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Some Money Is Not Counted As ‘Income’ By The Ato

Some money is not counted as ‘income’ by the ATO - Tax Accountants Upper Mt Gravatt

It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. Although some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return.

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Natural Disasters And Help With Your Tax

Natural disasters and help with your tax - Tax Accountants Tullamarine

Now that we are into bushfire season, and even flooding events have already occurred, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the many affected people. This can come about not only directly, but also in terms of damage done to workplaces, income-earning tools of trade, vehicles and essentials such as computers and other equipment.

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Single Touch Payroll When Your Reporting Can Cease

Single touch payroll: When your reporting can cease - Tax Accountants Crows Nest

A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has employees, has ceased trading, has changed structure, is not paying employees for the rest of the year, or has paused due to COVID-19.

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