The shift to working from home during the COVID-19 pandemic has led many taxpayers to question the extent to which they can claim deductions for home office expenses. One area of confusion involves occupancy expenses, such as rent, mortgage interest, and home insurance, particularly when a specific area of the home is used exclusively for…
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On 15 July 2024, the Australian Taxation Office (ATO) reminded rental property owners to correctly classify their deductions for repairs and improvements in their income tax returns. Proper classification is essential for compliance with tax regulations and to maximize tax benefits. Here’s a comprehensive guide to help you understand the differences between repairs, maintenance, capital…
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As tax time approaches, the Australian Taxation Office (ATO) has highlighted three common errors that taxpayers should avoid. Here’s what you need to know to ensure a smooth and compliant tax return process. Incorrect Work-Related Expenses The ATO is focusing on taxpayers who claim incorrect work-related expenses. Last year, the rules for working-from-home deductions changed.…
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As of 7 March 2024, the Australian Taxation Office (ATO) has reiterated the application of a 12.5% foreign residents capital gains withholding (FRCGW) on all property transactions exceeding $750,000 conducted by non-resident individuals. This entails withholding a minimum of $93,750 from the sale proceeds, unless a variation is approved. Variations Vendors are eligible to seek…
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The ATO has recently issued a warning to small businesses regarding the misuse of unpaid tax and superannuation liabilities to support their cash flow
The Australian Taxation Office (ATO) has issued a reminder to businesses regarding their tax debts and superannuation obligations.
