When you sell a rental property in Australia, you may be liable for Capital Gains Tax (CGT) if the property has increased in value.
Here’s a breakdown of how CGT works for rental properties, from understanding gain and loss calculations to applying potential exemptions.
When it comes to work-related expenses, the Australian Taxation Office (ATO) allows employees to claim immediate deductions for depreciating assets that cost $300 or less.
While this rule is straightforward, four tests must be passed to qualify for an immediate deduction. Let’s break down these tests and how they work.
It’s important to be aware of how the tax-free threshold works, especially if you’re earning income from more than one job.
Many people mistakenly claim the tax-free threshold from multiple employers, which can lead to an unexpected tax bill.
This guide will help you understand how to manage the tax-free threshold while juggling multiple sources of income, so you can keep your finances in check.
Making the most of available tax deductions for your business can be an important aspect of starting the new financial year. It’s why planning and strategising with your tax advisor could lead to different and new perspectives regarding tax in areas of your business.
One area where you can significantly benefit is through claiming motor vehicle expenses.
The recent spate of extreme weather events during the summer in various parts of Australia has presented unprecedented challenges for small businesses. As a result, the pressing concerns they face may not necessarily revolve around their tax obligations.
It’s essential for property owners to understand the intricacies of deductions associated with their cherished holiday retreats. However, as the holiday season approaches, they may find that their holiday retreats become a valuable source of income.