Did you know the ATO receives cryptocurrency data to assist tax compliance? The Australian Taxation Office (ATO) is collecting bulk records from Australian cryptocurrency designated service providers (DSPs) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax. Data to be provided to the ATO […]
How does land tax work? Land tax is a state revenue. In Victoria, you pay land tax if the total taxable value of all the Victorian land you own, individually or jointly, as at 31 December, is equal to or exceeds $250,000 ($25,000 for trusts). Exempt land is not included in the total taxable value […]
When considering your tax obligations for your investment property, it is worth taking note of construction costs, co-ownership and capital gains tax. Getting construction costs right Did you know you can claim some building costs, including extensions, alterations and structural improvements as capital works deductions? As a general rule, you can claim capital works deductions at […]
As we know it is easy to make mistakes when it comes to managing your rental property finances. Here are a few more tips to help you avoid some of the common tax mistakes made by rental property owners. #1 Claiming borrowing expenses If your borrowing expenses are over $100, the deduction is spread over […]
If you’re considering selling your investment property, there are a few factors to keep in mind regarding your Capital Gains Tax obligations. #1 Capital Gain is considered the difference between your cost base (costs of ownership) and your capital proceeds. A number of costs can reduce your capital proceeds calculation. #2 If you own the property […]
Are you thinking of becoming an Uber driver, or already running a ride-sourcing service? Here are a few important tax obligations you need to know about… 1) Drivers will need an Australian business number (ABN) and register for GST, regardless of how much they earn. 2) When registering the ABN – type ‘taxi ride sourcing’ as their […]
It’s easy to make mistakes when it comes to managing your rental property finances. Here are the three most common mistakes made by rental property owners: #1 Forgetting to keep financial records for at least five years after the property is sold Did you know you must have evidence of your income and expenses over […]
Did you know that any property you own and rent out in any capacity is required to be included in your tax return? As tax return specialists, we’ve compiled a few basic lists to help you clearly identify what you can immediately claim, what you can claim over a period of time, and items which […]
Two-step authentication (2SA) for your Xero login is a secure way to protect your account from unauthorised use. As the name implies, 2SA increases the security to your Xero account by requiring two separate steps in which you verify your identity. You can set up 2SA while logging in, or when you’re already in Xero. If 2SA is mandatory […]
Being tax-smart when investing in property means more than choosing the right property to purchase. Keeping smart records will ensure your investment property journey is well managed. If you use your property to earn income at any time you will have tax obligations & entitlements. Regardless of who prepares your tax return, you need to […]
