CGT when spouses have different main residences - Tax Accountants Geelong
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 effect provide only one CGT main residence exemption over this period. However, important decisions and choices may need to be made to optimise the tax outcome in this case (or avoid an adverse outcome).
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Rental property owners: Top 10 tips to avoid common tax mistakes - Tax Accountants Fountain Gate
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.
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CGT exemption on inherited homes - Tax Accountants Eastwood
Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience.
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Tax and the kids’ savings - Tax Accountants Docklands
If a child is under the age of 18, and they earn income on their savings account, remember that the ATO considers that the person who “owns” the interest depends on who uses the funds of that account (no matter what type of account it is or the name of the account holder).
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Property development and tax - Tax Accountants Dandenong
The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations.
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The small business income tax offset - Tax Accountants Clayton
The small business income tax offset (also known as the unincorporated small business tax discount) can reduce the tax a sole trader business pays by up to $1,000 each year. The offset is worked out on the proportion of tax payable on business income.
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