Tax
CategoryLimiting tax deductions for holding vacant land
On the 28 October 2019, The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No.1) Bill 2019 received royal assent. The new ..
Amendment to Housing Affordability Measures introduced
The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 was re-introduced to parliament on 23 October ..
What are the tax implications for different business structures?
The structure of your business determines how you would pay tax and other business obligations you would need to consider. Whilst you are ..
GST margin scheme
The margin scheme is a way of working out the GST you must pay when you sell property as part of your business. The amount of GST normally..
Breaking down business industry codes
A business industry code (BIC) is a five-digit code you include on relevant tax returns and schedules that describes your main business ac..
Claiming travel expenses relating to rental properties
When making a claim in relation to your residential rental property, there are specific circumstances for when you can and cannot claim tr..
Are you meeting the Active Asset Test?
To qualify for small business CGT concessions, an asset must meet the conditions of the Active Asset Test to apply. An asset is considered..
New industries included under TPAR
The taxable payment reporting system (TPRS) has extended to further businesses that provide particular services and those that pay contrac..
What is a CGT event?
Capital Gains Tax (CGT) events occur when an individual or company makes a capital gain or capital loss by selling or disposing of an asse..
Reestablishing lost or damaged records
Taxpayers are responsible for safely storing a written backup copy of their tax record in case the original electronic form becomes inacce..