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Rental expenses to claim

Posted by Team AVS on 24 Sep, 2024  0 Comments

Check the expenses you can claim as a deduction for your rental property.

Rental expense categories

There are 3 rental expense categories, those for which you:

can claim a deduction now(in the income year you incur the expense) – for example, interest on loans, council rates, repairs and maintenance and depreciating assets costing $300 or less
can claim a deduction over several years– for example, capital works, borrowing expense

Working out your tax residency and what it means for you

Posted by Team AVS on 16 Sep, 2024  0 Comments

How do I work out if I’m a resident for tax purposes?

Whether you’re an Australian resident for tax purposes or a foreign resident depends on more than just your physical location, citizenship, or your visa. It also considers your family ties, assets and your business or employment situation.

You can work out your tax residency status by using our residency tests this opens in a new window. You only need to satisfy one of the tests

Avoid a tax time shock

Posted by Team AVS on 7 Sep, 2024  0 Comments

The Australian Taxation Office is giving taxpayers simple steps to help avoid an unexpected tax bill next tax time.

The Australian Taxation Office (ATO) is giving taxpayers some simple steps to help avoid an unexpected tax bill next tax time.

Assistant Commissioner Rob Thomson said there are many reasons that a taxpayer may end up with a bill at tax time.

‘There are a number of factors that impact your tax assessment. In simple terms,

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