Personal Income Tax

Tax Deductible Interest Payments on Rental Property Loans

Funds and investment related to rental properties may be opportunities for you to reduce your tax liability, whether the investment comes from a new or existing loan, a split or linked loan, or an offset loan. This article provides information about rules and flexibility within each loan, as well as some useful tips for calculating tax liability.

Tax Deductible Start-Up Costs Every Business Owners Should Know

Starting a business is a major undertaking, and everyone involved in such a venture need all the help they can get, including from a tax perspective. Fortunately, there are several avenues available. Taxpayers who are setting up a business or raising finances for one have historically been able to claim a tax deduction on the costs associated with starting it, including the following scenarios:

Is It a Business or a Hobby?

Sometimes, the line between a genuine business and a hobby can be quite blurry. And so there are many occasions in which it’s difficult to determine whether or not a taxpayer is in business or just making some profit while enjoying their hobby.  The taxpayer may think this is fine, but the ATO considers this to be an ongoing problem, and from a tax accountant’s point of view, the distinction between the two can be extremely important. 

ATO Urges Caution Regarding Holiday Rental Deductions

It’s that time of the year again when many of us are thinking of getting away for a bit.  With this in mind, the ATO is cautioning taxpayers to keep in mind that it is keeping a close eye on rental properties located in favorite vacation spots around Australia.

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02
Feb2015

Welcome to my blog

Welcome to my blog

02
Nov2016

Qualifications

Recently somebody asked me how many qualifications and post nominals I had. I replied that I don’t know – I’ve lost trac...

02
Nov2016

Ben, Have you invented any new words lately?

A correspondent has asked if I have invented any new words. Indeed I have. Procreastation: The tendency to put off doing...

02
Nov2016

Ben, what is the greatest waste of taxpayers money?

Thank you for asking this important question. The greatest waste of taxpayers money in history is without doubt the new...

02
Nov2016

Ben, What is the Mac tax? Is it federal or state?

Thank you for that interesting question. The Mac tax is a tax that is imposed neither by the federal nor the state gover...