Controversial Case of a Taxpayer who Claimed a Deduction from a Loss on a Home Sale In Bowerman and Commissioner of Taxation [2023] AATA 3547, the taxpayer argued that she should be liable to claim a deduction from a loss on a home sale. The fact summary of this case...
In this blog, we’ll cover the latest tax updates that have been announced in the past few months. Let’s get started: Division 7A and UPEs In Bendel and Commissioner of Taxation [2023] AATA 3074, the ATO’s long-held position was successfully challenged by the taxpayer...
Welcome to the world of taxes and superannuation in Australia. If you're new to the tax and super system, this blog will be your guide to kick-start your journey. To learn everything about taxes and superannuation, continue reading this blog. Let’s get started: Why Do...
Are you aware of the time limits when it comes to amending your tax return? It's important to understand these crucial timelines to manage your tax affairs effectively. Let's break it down. The clock starts ticking from the day after you receive your notice of...
Managing your investment income and understanding your tax obligations is essential. Let's explore the different aspects of investment income and what you need to declare. When You Should Declare Investment Income? It all starts with understanding when to declare...
Superannuation, pensions and annuities can be a crucial part of your retirement plan. However, understanding the tax implications is essential. Let's explore how to manage income from superannuation pensions and annuities in your tax return. Overview of Super Pensions...
Leasing or renting commercial premises can be a significant aspect of running a business. A reliable accountant is here to guide you through the complexities of this process. Leasing and Renting Commercial Premises If you're a commercial property owner, you have...
Managing your tax obligations and affairs is an important part of your business, especially if you have employees. The tax requirements of your business may vary as per the type of business you operate, the number of workers you have and the legal structure of your...
What should you do if your employer has not prepared the data for your income statement and marked it as tax-ready? You can seek help from professional accountants to look into this matter. Let’s delve right in to know more about it. What If Your Income Statement is...
Property investors who choose to use their property for short-term stays or leave it vacant are under the supervision of the regulators. The Victorian Government’s recent Housing Statement declared Australia’s first short-stay property tax. The additional tax will...