CGT: Buying a new home before selling the old
If you find yourself in the position of having bought yourself a new home before you sold your existing home, there are important CGT issues to consider - and these centre on the fact that under the CGT rules, you cannot have two or more CGT exempt homes at the same time.
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Permanent Incapacity and Super: What it means if you're totally and permanently disabled
Most people think of superannuation as money they can’t touch until retirement, but there are important exceptions. One significant exception is the permanent incapacity condition of release, which can allow people who are totally and permanently disabled to access their super earlier.
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Change to the tax treatment of holiday homes
No doubt noting the grow trend for people to rent out property for short-term accommodation, the ATO has withdrawn a 40-year old ruling and replaced it with a new draft Taxation Ruling accompanied by two draft Practical Compliance Guideliness.......
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Can the cost of clothing be tax deductible?
Sometimes it can be, but only in limited circumstances. The tax deductibility of expenditure on clothing is subject to strict ATO guidelines. These cover occupation-specific clothing, compulsory or registered non-compulsory uniforms and protective item.
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