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Category Archive - Personal Tax

Be Aware of Scammers Impersonating the ATO

written by:
Darren Hagarty


Many Australians believe they would never fall victim to a scam and could confidently spot one or know what to do if they were targeted. However, scammers are becoming more sophisticated in their attempts to trick people into paying money or providing personal information. We are seeing an increasing incidence of scammers purporting to be from the ATO. In the wake of Scams Awareness Week (12–16 August), please know that…

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Accommodation Sharing and Tax

written by:
Josh McMullen


The sharing economy provides a great opportunity for individuals with spare rooms or spare entire properties to rent out space and earn rental income using facilitators such as Airbnb. Indeed, in 2017, approximately 2.1 million individuals reported rental income of $42 billion. This comes as the ATO announces a new data-matching program specifically targeting around 190,000 taxpayers receiving income from short-term rentals. The ATO said it would examine the information…

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The Federal Election Tax Washup

written by:
Josh McMullen


With the Government being returned at the recent Federal Election, we look at what this means from a tax perspective. BUSINESS Instant Asset Write-Off Boosted and Expanded With the Government winning, the major depreciation reform that was implemented just prior to the Election will remain in place. That is, going forward, new purchases from 2 April 2019 of business-related assets up to $30,000 (up from $25,000) can be written off…

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Federal Budget 2019 – What You Need To Know

written by:
Josh McMullen


The 2019 Federal Budget was handed down on Tuesday 2 April. Following is a summary of the headline measures. BUSINESS TAX CHANGES Instant Asset Write-Off Boosted and Expanded – Two key changes have been made. Firstly, the write-off has been extended to medium-sized businesses (those with an aggregated annual turnover of less than $50 million). Secondly, the threshold has been increased to $30,000. Therefore, subject to legislation, businesses with an…

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Federal Budget 2018 – What You Need To Know

written by:
Josh McMullen


The 2018 Federal Budget was handed down on Tuesday 8 May. Following is a brief summary of some of the headline measures. INDIVIDUALS Income Tax Reduced – The centrepiece of the Budget was a three-step plan to reduce income tax for low and middle income earners over the next 7 years. The first step involves introducing a new Low and Middle Income Tax Offset from 2018/2019. This provides up to $530 per…

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Changes to the Claiming of Travel Costs for Inspecting Investment Properties

written by:
Josh McMullen


On 15 November 2017, legislation was passed into law which will see most owners of residential investment properties denied tax deductions for travel expenses related to their properties. This law is backdated to any travel undertaken from 1 July 2017 onwards. The legislation is quite wide in scope and covers travel for all purposes including travel for the purpose of inspecting, maintaining, and collecting rent, as well as undertaking repairs…

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