Own a rental? – what you need to know this tax time

Posted by Team AVS on 6 Jul, 2020 0 Comments

The Australian Taxation Office is aware that residential rental property owners may be concerned about how COVID-19, floods, or bushfires have reduced their income. This may be a result of tenants paying less or entering deferred payments plans, or travel restrictions which have affected demand for short-term rental properties. New legislation also affects the tax deductions that owners of vacant land can claim.
Reduced rental income
The COVID-

Record keeping for work-related expenses this tax time

Posted by Team AVS on 18 Jun, 2020 0 Comments

As a result of the impacts of natural disasters and COVID-19, we expect there will be changes to what people in many industries claim in their 2019–20 tax return.

This may be an opportune time to review your claims to ensure they are applicable in the current financial year.

If your usual pattern of work changes during the year due to COVID-19 or other circumstances, you may need to complete an additional record for the period their work

New HomeBuilder Scheme: What Scott Morrison’s new grant means for you

Posted by Team AVS on 9 Jun, 2020 0 Comments

The Australian government announced on June 4 that it would provide the eligible citizens with a grant of $25,000 to not only build a new home but also to renovate an existing.

The $688 million stimulus initiative will provide Australians money to spend on building or upgrading their home in a bid to support Australia’s struggling construction sector. The Home Builder program would provide new jobs in construction that would, in turn, grow n

Here’s what attracts the ATO’s attention about luxury car tax

Posted by Team AVS on 1 Jun, 2020 0 Comments

The ATO has announced that it has identified some common errors regarding luxury car tax (LCT) claims, but also says there are issues it has identified with LCT that are more associated with actively trying to pay less tax than required.

Common errors
Some common errors the ATO has identified when taxpayers report or claim LCT include:

using an incorrect formula or the wrong LCT threshold
dealers/resellers who deferred LCT, not reportin

Covid-19 instant asset write off and accelerated depreciation

Posted by Team AVS on 21 May, 2020 0 Comments

While many of the COVID-19 stimulus changes such as the JobKeeper payment are grabbing headlines, it is easy to overlook the significance of the $150,000 instant asset write off provisions.

The key changes for the instant asset write off include the following.

Certain business entities can access an immediate deduction for the full cost of depreciating assets costing up to $150,000 (GST exclusive).
The asset must be first used, or inst

Employers get an amnesty for missed super payments

Posted by Team AVS on 11 May, 2020 0 Comments

It has been a long time coming, but a planned government amnesty for employers who have missed paying the superannuation guarantee (SG) to their employees has now become law. The amnesty was passed on 6 March 2020, and lasts until 7 September 2020.

The amnesty allows employers to make deductible payments, without penalties, of outstanding superannuation guarantee charge (SGC) amounts if:

they relate to the period 1 July 1992 until 31 March

The new jobkeeper wage subsidy package

Posted by Team AVS on 7 Apr, 2020 0 Comments

The government announced at the end of March a further massive subsidy for businesses to help them retain employees so they are ready to get back to business when the current coronavirus issues subside. The new subsidy is called a JobKeeper payment.

The key things to note about this are:

The payment will be made to eligible employers for eligible employees. The payment will be $1,500 per fortnight per employee for a period of six month

Second Economic Stimulus Package to counter effect of Coronavirus (COVID-19)

Posted by Team AVS on 26 Mar, 2020 0 Comments

Amid fears of coronavirus and its impact on Individuals and Businesses, the Australian Government has announced the Second economic stimulus package on 22.03.2020 in order to provide relief to Australian citizens and their businesses in form of Cash flow support and various taxation reliefs.

Please find below the brief summary of key measures adopted.

Businesses

1. Boosting cash flow for employers

The Government is providing up to $10

Selling taxable Australian property? You may need a clearance certificate from the ATO

Posted by Team AVS on 20 Mar, 2020 0 Comments

If an Australian resident is considering selling property, they should apply for an ATO clearance certificate. If a property vendor does not apply for a clearance certificate and present it to the purchaser, the purchaser is required to withhold 12.5% of the purchase price for CGT purposes on properties that have a market value of $750,000 or more.

The legislation, which applies from 1 July 2017, aims to make sure foreign resident property ven

New rules for salary sacrificing to super

Posted by Team AVS on 10 Mar, 2020 0 Comments

For some employees, sacrificing part or all of their salary to a complying superannuation fund is a great way to boost retirement savings. But two recent changes may affect your obligations as their employer.

These changes, effective from 1 January 2020, relate to how you work out your superannuation guarantee (SG) obligations when an employee makes super contributions by salary sacrificing. The changes are:

The amount your employee sacr

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