by Garry Wolnarek | 4 Jul 2017 | General, Tax Planning
Taxation Determination TD 2017/19 – The Commissioner has set out the amounts considered to be reasonable in relation to claims made by employees for the 2017/18 income year for: • overtime meal expenses — for food and drink when working overtime • domestic...
by Garry Wolnarek | 8 Jun 2017 | General, Property Taxation, Tax Planning
The ATO has issued a media release warning taxpayers not to make incorrect tax claims for rental properties, particularly holiday homes. Compliance is a problem in this area where deductions for holiday homes are claimed even if the property is not genuinely being...
by Garry Wolnarek | 12 May 2017 | General, Property Taxation, Tax Planning
Foreign and temporary tax residents will not be able to claim the CGT main residence exemption from budget night 2017 (7:30pm AEST on 9th May 2017). However existing properties held prior to this date will be allowed an extension until 30th June 2019 to still claim...
by Garry Wolnarek | 9 May 2017 | General, Small Business, Tax Planning
The “Accelerated Depreciation” threshold of $20,000.00 will end after midnight June 30, 2018. This now is due to revert to $1,000 from 1 July 2018. Small businesses (with aggregated turnover of less than $10 million) will be able to immediately deduct purchases of...
by Garry Wolnarek | 27 Feb 2017 | Accounting / Bookkeeping, General, Small Business, Tax Planning
Worked example: Lifecycle of an Uber driver Issue John commenced an Uber operation on 1 April 2016. He went to the ATO website and understood he was required to apply for an ABN and GST, which he did. The car he initially used was the family car. After six weeks of...
by Garry Wolnarek | 26 Jan 2017 | Capital Gains, General, Property Taxation, Small Business, Tax Planning
The average Southeast Queensland backyard is being split at a rapid rate by “mun and dad” investors. The Courier Mail has revealed the number of lots being approved for subdivision in Southeast Queensland has doubled in the past 5 years. Subdivision of...