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PAYG instalments is a system that helps you manage your expected tax liability on income from your business or investments for the current income year by making smaller regular payments.
To assist taxpayers experiencing financial difficulty as a result of COVID-19, the ATO is providing added flexibility to manage your instalments to suit... more
Despite the current COVID-19 world in which we live, the procedures for completing and lodging tax returns remains pretty much the same.
So, before we sit down with you (in person or virtually) to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the “paperwork”,... more
So what happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)?
Well, the answer will primarily depend on whether the person ceases to be... more
Many residential rental property owners have had their rental income affected by COVID-19. As a result of this income year not being business as usual, the ATO has provided answers to some typical scenarios that may crop up in this area for tax time.
Q: If tenants are not paying their full rent of have... more
This financial year is almost over, but there are still effective strategies you may be able to employ to make sure you pay the right amount of tax for the 2019-20 year and maximise any refund entitlement. This is still, if not more so, the case in the current COVID-19 environment.
While the best strategies are... more
Beneficiaries who inherit a property need to be aware of the various Capital Gains Tax (CGT) implications associated with owning and selling an inherited property.
When someone passes away and if the property was only used as a principle place of residence, generally CGT doesn't apply to the inherited asset. However,... more
PAYG instalments is a system that helps you manage your expected tax liability on income from your business and/or investments for the current income year by making regular payments.
Businesses experiencing financial difficulty due to COVID-19 may be over-paying their PAYG instalments if their current rate no longer reflects their... more
The end of the financial year is an important time for your business and you, and this end of financial year is a little different for many. To help prepare for the EOFY we have put together an end of financial year checklist for 2020.
Many offices have moved to remote working and employees are working from home, this can create added expenses for employees. However, there are possible tax deductions you may be entitled to.
What items can be claimed?
Home office running expenses: