Renting out your property can be a great way to earn some extra income, but there are tax implications that it's important to be aware of before you put your home on the market. The most significant of these is the capital gains tax, or CGT, that you must pay upon the eventual sale of your investment property. However, by taking a closer look at how the CGT is calculated, you may find an exemption that you qualify for. There are certain exemptions allowed by the Australian Taxation Office, including those who rent out their primary residence.
Trustees of self-managed superannuation funds (SMSF) may have caught their breath this week when they read that the Australian Taxation Office had its eye on capital gains that were going tax-free once members moved into the pension phase.
I’ve spoken on several occasions about the benefits of using a log book to track your vehicle’s expenses and usage. By maintaining a record of capital costs, upkeep and other outlays you can claim your vehicle as a tax deduction. Many of you have been concerned about the change and what it means for you – below are eight answers to your most common questions.
Tax changes announced by the government could have an impact on Australian car production, warn industry insiders. Prime Minister Kevin Rudd confirmed that the existing carbon tax would be removed; replaced with a separate emissions trading scheme. This would reduce the current carbon tax from $25 a tonne to only $6 per tonne. To make up for the $4 billion in revenue lost by the cut in the carbon tax, Rudd's government proposes to reform an existing 20% fringe benefits tax for cars. It's expected that this could have a serious impact on new car sales as a result.
Today the ATO has released "Compliance in focus 2013-14" which replaces their previous annual compliance program booklet. This new online product, which the ATO developed in consultation with tax professionals, will be updated throughout the year to keep you informed of new issues and risks as they arise.
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comments-rhsLatest Comments

  • "Congrats Bikash. If you are working as an accountant (or in the general field) then you can prepay your CPA course fees & claim as a tax deduction this year as work-related self education study. If..."

    By: Mr Taxman at Jun 25, 2020 1:39AM

    Post: Tax strategies that count the cost of COVID-19 and recession

  • "Hi Adrian, I bought your new book, got my free $500 after co-contribution. I am planning to my CPA, enrolment starts 30 June 2020 but semester only begins on August 2020. Can i claim the..."

    By: Bikash at Jun 23, 2020 3:59AM

    Post: Tax strategies that count the cost of COVID-19 and recession

  • "If you run a business Bikash you could claim in full via the instant asset write-off. However if you are an employee you will need to depreciate the laptop & only claim a very small amount in your..."

    By: Mr Taxman at Jun 22, 2020 9:28AM

    Post: Max your tax return: 5 things you should do before 30 June

  • "Can i claim laptop purchase with covid?"

    By: Bikash Rai at Jun 21, 2020 8:25AM

    Post: Max your tax return: 5 things you should do before 30 June

  • "You won't be able to claim a deduction for car parking unless a0 you park for less than four hours between 7am and 7pm; or b) you park more than 1km from work (ie not close proximity to work)."

    By: Mr Taxman at Jun 15, 2020 7:33AM

    Post: Claiming car expenses