by Pistol | Jan 31, 2024 | eNews
A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold seven years later for...
by Pistol | Jan 31, 2024 | eNews
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3...
by Pistol | Dec 11, 2023 | eNews
A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return as a deduction. In this case, the taxpayer...
by Pistol | Dec 11, 2023 | eNews
Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences. Inflation and labour supply RBA Governor Michelle Bullock stated, “Inflation is past its peak and heading...
by Pistol | Dec 11, 2023 | eNews
Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season. 1. Keep team gifts spontaneous $300 is the minor benefit threshold for FBT, so anything at or above this level will mean...
by Pistol | Nov 16, 2023 | eNews
The ATO estimates that incorrect reporting of rental property income and expenses costs around $1 billion yearly in forgone tax revenue. A big part of the problem is how taxpayers claim interest on their investment property loans. We’ve seen an uptick in ATO...
