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
Whether you own a holiday home solely for personal use or rent it out to others, there are crucial tax considerations to keep in mind.
Vacant land ownership presents a unique set of considerations within the realm of taxation, both preceding and following July 1, 2019.
The Australian Taxation Office (ATO) has issued a reminder to businesses regarding their tax debts and superannuation obligations.
As per the Australian Taxation Office data, approximately 6 million individuals are yet to submit their tax returns for the latest financial year. The deadline for filing your own tax return with the Australian Taxation Office is October 31. If you miss this deadline, you might face a late lodgement penalty of $313, and this…
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As a real estate industry employee, it’s crucial to accurately report your income and allowable deductions on your tax return. Here’s a breakdown of what you should and shouldn’t include: Income Include all income received during the income year, encompassing: Note: Exclude reimbursements from your income. Your income statement or payment summary will detail your…
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Listen to our Principal, Teddy Kosasih FCPA CA, explaining why your tax refund is lower this year.
Certain concessional contributions of a taxpayer whose income is in excess of the Division 293 threshold for the year (see table below) are taxed at 30%. This rate of tax includes the normal contributions tax of 15% paid by the receiving fund on concessional contributions plus an additional tax of 15% known as Division 293…
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