There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election.
Individuals could be affected by:
- Losing franking credit refunds to their Self-Managed Super Funds and to themselves
- Paying higher capital gains tax
- Losing tax benefits from negative gearing into investment property
Australian businesses who employ 19 or fewer employees will have until 1 July 2019 to get ready for mandatory Single Touch Payroll reporting.
The requirement is already in place for businesses who employ 20 or more staff, which became mandatory on 1 July 2018.Read More
Do you earn income overseas? A recent case highlights why you might pay more tax than you thought on foreign income.
If you are an Australian resident and earn income from overseas, such as income from investments, sale of assets such as property, distributions from foreign trusts, etc., you will generally need to declare that income in your Australian tax return. If you have paid tax in a foreign country on that income, you might be able to claim a foreign tax offset to reduce your Australian tax liability.Read More
The Australian Tax Office (ATO) is utilising data provided by the Australian Investments and Security Commission (ASIC) to data match share trades.
The ATO is accessing more than 500 million records detailing price, quantity and time of individual trades dating back to 2014. The information complements information that the ATO already holds from brokers, share registries and exchanges.
Utilising this wealth of information, the ATO will explore what has been reported on tax returns, specifically, capital gains on the sale or transfer of shares and the losses claimed.Read More
The ATO does not allow you to ‘flip’ a property tax-free even if you are living in it.
Most people think that they can move in to a property, renovate it, and then sell it without paying tax.
The main residence exemption – the exemption that protects your family home from tax – does not apply if your primary purpose is to ‘flip’ the property for a profit.
The fact that you are living in the property does not mean it’s exempt from tax.
If you’re thinking of earning a little extra cash over the holidays by participating in a ride-sourcing arrangement (think Uber driver), there are a few things you need to take care of before you hit the road.
Fringe Benefit Tax (FBT) is something the ATO has been cracking down on in recent years, so it’s important to know what transactions are affected by FBT.
If you offer employees benefits that involve cars, loans, travel or entertainment, it’s essential you know if FBT applies. Read More