Do you know what you are allowed to claim when you use your car for work?
Check out a few frequently asked questions and answers here.
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The ATO is implementing the new Single Touch Payroll system so you can have quick access to your employee pay information.
How will it affect me?
The Bill has passed and received Royal Assent on 30 November 2017 for the Commissioner of Taxation to charge a vacancy fee to foreign residents owning an investment property in Australia that is not occupied. This has been popularly called a “ghost tax”.
The fee only applies to non-Australian tax residents who own a residential property that was “vacant” for more than 183 days in a financial year.
A residential property is “occupied” (ie not “vacant”) when:
(a) the owner or his/her relatives genuinely lives in the property,
(b) the property is under a lease or licence for a minimum of 30 days, or
(c) the property is genuinely available for lease or licence for a minimum of 30 days.
If the property is classed as “vacant” (ie not “occupied”), then the owner of the property will need to file a “Vacancy fee return” to the Commissioner of Taxation and pay the vacancy tax.
If you live on a large sized block you may have at some stage thought about subdividing.
You might want to subdivide to make some profit, to generate regular rental income or to reduce your backyard maintenance. You will need to think about what happens when you sell….
Generally, your main residence is not subject to capital gains tax when you sell it, but subdividing your land will create two (or more) separate titles which are now separate assets. These subdivided properties will have tax implications when you sell them.
A few things to consider are:
An individual, who may be a low income earner, may not need to lodge a tax return where their income is below the tax free threshold of $18200.
However there are certain circumstances where you are required to lodge a return even if your income is below the threshold.
