2017 Superannuation Changes

The main superannuation changes from 1 July 2017 are:

  • From 1 July 2017 rental property owners will be unable to claim a tax deduction for travel expenses related to their rental property.

2017 Federal Budget Tax Issues

Rental property travel expenses no longer tax deductible

From 1 July 2017 rental property owners will be unable to claim a tax deduction for travel expenses related to their rental property.  Unfortunately this includes all travel costs eg. to inspect the property,

2017 Tax Planning

General concepts of tax planning involve:

  • Delaying the derivation of income – you might not deposit income if on a cash basis, or delay invoicing customers until 1 July if on an accruals basis, of recognising the derivation of income;

Year-end Tax Planning 2016

A taxpayer might consider:

  • Deferring income into a latre tax year;
  • Whether a lump-sum receipt is really income for services to be provided in a following year;
  • Bringing forward deductible expenses or losses;

December 2012

Landlords, the ATO and rental deductions

One in seven taxpayers in Australia is a property investor. Each year residential landlords claim a total of around $5 billion in rental losses. Accordingly one can understand the Australian Tax Office’s (ATO) close scrutiny of the deductions claimed by landlords. But a recent case before the Administrative Appeals Tribunal (AAT) demonstrates how far the ATO will go to test the boundaries of what is, and isn’t, tax deductible.