Do you know what you are allowed to claim when you use your car for work?
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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.
While other political issues were holding centre stage in late November 2017, the Parliament very quietly passed a Bill to limit plant and equipment depreciation deductions for rental property owners and deny travel deductions on rental properties. It has received the Royal Assent on 30 November 2017. As detailed in the May 2017 Budget, these changes apply from 1 July 2017 onwards.
What it means to you:
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.
