NEWS & INSIGHTS
CGT and the Family Home
10 February 2020 Capital gains tax (CGT) applies to gains you have made on the sale of capital assets. Unless an exemption or exclusion applies, or you can offset the tax against a capital loss, any gain you made on an asset is taxed at your marginal tax rate. The tax...
ATO targeting ‘lifestyle assets’
4 February 2020 The ATO will be asking insurance companies for policy information of taxpayers who own luxury assets. The requested information will be used to help the ATO identify taxpayers who may not be fulfilling their tax and reporting obligations. Targeted...
Significant changes to small business concessions flagged
3 February 2020 The Government has released the Board of Taxation’s report into the concessions that are available to small business. The report contains a number of recommendations aimed at improving the tax landscape for small business taxpayers. The major...
$30,000 Instant Asset Write Off Scheme ends June 30
29 January 2020 Time is running out to utilise the Government's $30,000 Instant Asset Write Off Scheme. The scheme, which allows small businesses to write off asset purchases under $30,000, is due to end on June 30. From April 2019, businesses with a turnover of less...
Free business workshops in Perth
28 January 2020 The ATO is once again rolling out a series of free workshops and webinars for small business owners. From February to June, the ATO will be presenting workshops based around the fundamentals of starting and running a small business. Topics include:...
ATO warns on FBT parking valuations
28 January 2020 The ATO is reminding employers who offer car parking fringe benefits to ensure the taxable value is calculated correctly. If you chose to use the market value method to calculate your obligation, you need to engage an arm's length valuer to provide a...
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