ATO shifts non-compliant small businesses to monthly GST

Posted by Team AVS on 10 Mar, 2025 0 Comments

The ATO will notify non-compliant small businesses when they are moved from quarterly to monthly GST reporting.

The Australian Taxation Office (ATO) has announced that from 1 April 2025, it will be moving around 3,500 small businesses with a history of non-payment, late or non-lodgment, or incorrect reporting from quarterly to monthly GST reporting to improve their compliance.

Moving to a monthly reporting and payment cycle can help small

How to claim deductions for work-related expenses

Posted by Team AVS on 26 Feb, 2025 0 Comments

How to claim income tax deductions for work-related expenses and other expenses, and record your deductions.

How tax deductions work

You can claim some of your expenses as deductions in your tax return.

The expenses you can claim are mostly related to earning your income, but there are a few (such as donations) that aren't related to earning income.

Deductions reduce your taxable income.

It works like this:

your assessable incom

Online tax schemes on the rise

Posted by Team AVS on 24 Feb, 2025 0 Comments

The ATO is warning the community to be alert for potentially dodgy tax schemes which are spreading online, including through social media.

Acting Deputy Commissioner Sarah Taylor is urging individuals to be wary of online promotion of tax schemes promising to significantly reduce or avoid tax altogether.

‘Sometimes tax schemes can be peddled as investment schemes. We don’t want to see honest people lured into unlawful tax schemes with f

CGT when selling your rental property

Posted by Team AVS on 23 Jan, 2025 0 Comments

How CGT applies to your rental property and what expenses you can include in your costs.

How capital gains or losses apply

When you sell or dispose of a rental property you may make a capital gain or loss.

A capital gain or loss is the difference between what it cost you to obtain and improve the property (the cost base) and the amount you receive when you dispose of it.

If you make a:

net capital gain in an income year, you'll ge

Foreign residents disposing of taxable Australian property

Posted by Team AVS on 14 Jan, 2025 0 Comments

Foreign residents disposing of taxable Australian property Foreign residents are subject to capital gains tax (CGT) on the disposal of taxable Australian property (TAP). In contrast, foreign residents (except beneficiaries of resident non-fixed trusts) can generally disregard a capital gain or loss from a CGT event (such as a disposal) relating to non-TAP assets. TAP comprises of:

taxable Australian real property (TARP)
indirect interests i

Withholding changes when buying and selling property

Posted by Team AVS on 3 Jan, 2025 0 Comments

What Australian residents need to know about the updates to the foreign resident capital gains withholding (FRCGW).

The Foreign resident capital gains withholding (FRCGW) rules are changing from 1 January 2025.

Currently, Australian residents selling property must provide a clearance certificate to the purchaser at or before settlement to avoid having 12.5% withheld from a property sale where the value of the property is $750,000 or m

Income from illegal activities: losses and outgoings

Posted by Team AVS on 25 Nov, 2024 0 Comments

You can't claim income tax deductions for income earned through illegal activity.

The income tax law allows deductions against your assessable income for losses and outgoings incurred in carrying on a business. Generally, deductions will be allowed if there is a sufficient link between the loss or outgoing and the business income where the amount is not of a private or capital nature.

However, if your business activities are illegal – tha

Choosing to make personal super contributions

Posted by Team AVS on 12 Nov, 2024 0 Comments

If you're self-employed as a sole trader or in a partnership, you don't have to pay super guarantee for yourself.

You can choose to make personal super contributions to save for your retirement.

Make sure your super fund has your tax file number (TFN). If not:

contributions are taxed an additional 32%
your fund may not accept personal contributions
you may miss out on a super co-contribution, if eligible
it will be harder to keep

Work out if you have to pay super

Posted by Team AVS on 6 Nov, 2024 0 Comments

Work out when employers need to pay super guarantee and which employees are eligible.

When super guarantee is required

If you pay a worker, you are also required to pay them super guarantee:

Amount of pay – you pay it regardless of how much they are paid – their earnings amount is not relevant.
Employee age – for employees who are
18 years or older, you pay it regardless of how many hours they work
under 18 years old, you

Treating former home as main residence

Posted by Team AVS on 24 Oct, 2024 0 Comments

How the CGT main residence exemption works if you move out and use the 6-year rule when renting out your former home.

How it works

Your main residence (your home) is generally exempt from CGT.

Usually, a property stops being your main residence when you stop living in it. However, for CGT purposes you can continue treating a property as your main residence:

for up to 6 years if you used it to produce income, such as rent (sometimes

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