Personal Income Tax

Rental Property: 4 Deductions Under the Spot Light

It’s Tax Time! And the tax office will soon be calling on rental property owners to account for unrealistic deductions. Building Confidence is a useful webpage the Tax Office created to help landlords familiarize themselves with permissible property deductions. Here, they focus on common irregular deductions that are often made by rental property owners, and to help them identify incorrect deductions, and become compliant, the ATO has even included case studies. Here are some of the areas under the spotlight:

Consumption Taxes in Australia and the OECD: A Comparison

The government recently issued a paper titled Re:think – Better Tax, Better Australia in which it hinted at an upward review of the goods and service tax (GST) system. This upward review will include increasing the current rate (10%) to a yet unspecified rate. The paper also hinted at a review of the items the GST will henceforth apply to.

Crackdown on Sky High Surcharges

Australian consumers can heave a sigh of relief over excessive credit card surcharges, as the government has recently passed legislation in this regard. The legislation empowers the Australian Competition and Consumer Commission (ACCC) to bring to book companies pinching customers with credit card surcharges up to 1000% over the actual cost of processing payments with credit cards.

When Does Work Travel Qualify For Tax Deductions?

There’s a general assumption that employees whose work are deemed itinerant enjoy some degree of flexibility when it comes to tax laws concerning work travel claims.