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;

June 2015 Tax Planner

Principles of Tax Planning

Tax planning may involve using an efficient trading/investing structure, deferral of income, bringing forward deductions, maximising deductions and using all available tax offsets (rebates).

Small Business Start Up Pack

We’ve put together a business start up pack. You can either download as a bundle or read it below.

Tax Certainty for Deceased Estates

The government will amend the law to allow the tax exemption for earnings on assets supporting superannuation pensions to continue following the death of a fund member in the pension phase until the deceased member’s benefits have been paid out of the fund. This change will have effect from 1 July 2012.

ATO Focus on Lodgement Dates

The Tax Office, likely through a desire to increase government cash flow, is putting greater pressure on Tax Agents to lodge client returns by their due dates.

ATO Compliance Activities

The ATO has highlighted a number of areas that it will focus on in its compliance activities this year. This includes:

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.

The case involved a taxpayer who owned a property in country NSW. The owner stated that the property was available for rent but she had been unable to find tenants. As a result, the property did not derive any income for a number of years.