Real Estate Buyers turned into tax collectors for higher priced properties.
New rules apply where real estate property contracts are entered into on or after July 1, 2016, but only to sale of residential property with a market value of $2 million or more.
New withholding rules on the sale of property by foreign residents
This means Australian residents who are selling a taxable Australian Property with a market value of $2 million or more need to obtain a clearance certificate from the ATO, otherwise face a 10% withholding on the sale by the purchaser at settlement.
Car Novated Leases Explained
Wrapping a car into a salary package is a popular choice. Doing so often raises the topic of novated leases. Is it work it ?
What is a novated lease?
Fringe Benefits Tax (FBT)
Why is FBT important
Working out the FBT
How you might sale tax - post-tax contributions to reduce FBT
What are the tax implications to the employer?
Novated lease implications in a nutshell
2016 work deductions on the Taxman's magnifying glass.
We can help you work out whether you are entitled to a deduction for such expenses and the necessary record keeping requirements - please let us know when you come in to see us.