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Tax

Tax

Making NRAS claims

By On December 3, 2019

The national rental affordability scheme (NRAS) started on 1 July 2008, encouraging large-scale investment in affordable housing. It offers tax and cash incentives to providers of new dwellings for 10 years, granted… Read More

Tax

Introducing ASFP

By On November 24, 2019

Plans are underway to carry out a system change during the December closure of the ATO to introduce Activity statement financial processing (ASFP). This change will move the majority of taxpayer financial… Read More

Tax

Time limit on GST refunds

By On November 16, 2019

Small businesses entitled to refunds of GST may not be aware of the four-year time limit on claiming those refunds. Your entitlement to a GST credit ends four years from the due… Read More

Tax

Limiting tax deductions for holding vacant land

By On November 7, 2019

On the 28 October 2019, The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No.1) Bill 2019 received royal assent. The new tax law creates limitations for deductions related to the… Read More

Tax

Amendment to Housing Affordability Measures introduced

By On October 30, 2019

The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 was re-introduced to parliament on 23 October 2019. This comes after it was first announced in the 2017-18 Federal Budget.… Read More

Tax

What are the tax implications for different business structures?

By On October 23, 2019

The structure of your business determines how you would pay tax and other business obligations you would need to consider. Whilst you are able to change your structure as your business develops,… Read More

Tax

GST margin scheme

By On October 16, 2019

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 paid on a property… Read More

Tax

Breaking down business industry codes

By On October 9, 2019

A business industry code (BIC) is a five-digit code you include on relevant tax returns and schedules that describes your main business activity. BICs come from the Australian and New Zealand Standard… Read More

Tax

Claiming travel expenses relating to rental properties

By On September 30, 2019

When making a claim in relation to your residential rental property, there are specific circumstances for when you can and cannot claim travel expenses. The law about claiming travel expenses for rental… Read More

Tax

Are you meeting the Active Asset Test?

By On September 24, 2019

To qualify for small business CGT concessions, an asset must meet the conditions of the Active Asset Test to apply. An asset is considered active when you own it and it is… Read More