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Renting out part or all of your home

Posted by Team AVS on 17 Nov, 2018  0 Comments

If you rent out part or all of your home, the rent money you receive is generally regarded as assessable income. This means:

you must declare your rental income in your income tax return, and you can claim deductions for the associated expenses
you may not be entitled to the full main residence exemption from capital gains tax (CGT), which means you'll have to pay CGT on part of any capital gain made when you sell your home.

Goods and se

New Guideline on deceased estate tax debt and legal personal representatives

Posted by Team AVS on 5 Nov, 2018  0 Comments

One of the major concerns for taxpayers in taking on the role of a legal personal representative is that the Tax Commissioner may treat legal personal representatives (LPRs) as having a personal liability for a tax debt where assets of a deceased estate have been distributed and there are still outstanding amounts owed to the ATO.

In a recently released practical compliance guideline, the ATO spells out when an LPR of smaller and less complex

Main residence CGT exemption about to slip through foreign owners’ fingers

Posted by Team AVS on 29 Oct, 2018  0 Comments

As most readers will know, prior to 1985 Australia had no general tax on capital gains. But after the capital gains tax (CGT) regime was introduced in that year (September 19 specifically), the main residence exemption has been a feature ever since.

While there have been a number of changes and clarifications to the specifics of the exemption, the high-level principle has largely remained the same—namely that a dwelling used as a principal p

No more deductions for non-compliant payments

Posted by Team AVS on 18 Oct, 2018  0 Comments

The government recently released exposure draft legislation that removes the ability of taxpayers to deduct certain payments – including payment of wages and payments to contractors – if the entity making the payment fails to comply with its obligations to withhold and report information to the ATO.

If the PAYG withholding regime applied to the following payments, and the payer did not withhold the amount from the payment as required or di

Annual vacancy fee for foreign residential property owners

Posted by Team AVS on 18 Sep, 2018  0 Comments

At the end of 2017, an annual fee was introduced for dwellings owned by non-residents of Australia. The measure is part of the government’s housing affordability plan and is also a financial incentive for foreign owners to make their dwelling available for rent and increase available housing in Australia.

Under the legislation, foreign owners of residential dwellings in Australia are required to pay an annual vacancy fee if their dwelling is

Self-employed? You could claim a deduction for saving for your retirement

Posted by Team AVS on 4 Sep, 2018  0 Comments

A recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super.

Before June 30, 2017, if more than 10% of your income was sourced from salary or wages from an employer, you were rendered ineligible to claim any tax deduction for after-tax contributions you may have made to your superannuation fund.

But this rule has been removed, effective for the 2017-18

Your claim for a business tax loss can be denied

Posted by Team AVS on 20 Aug, 2018  0 Comments

Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses — there are circumstances where the ATO is legitimately able to deny such claims.

The ATO has the discretion to disallow the deduction of a tax loss if, during the relevant income year, the business attempting to make such a claim earned assessable income (or

Claiming Self-Education Expenses

Posted by Team AVS on 7 Aug, 2018  0 Comments

The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career.

Changing technology and evolving workplaces means that at some stage in every taxpayer’s life, an educational re-boot could become necessary — as the adage says, “you’re never too old to learn”. Therefore supplementary education mid-career is v

Transfer Balance Account Report (TBAR) Update

Posted by Team AVS on 27 Jul, 2018  0 Comments

The ATO requires SMSF trustees to use the superannuation transfer balance account report (TBAR) to advise it when a transfer balance account event occurs. It uses this information to adjust a fund member’s transfer balance account so it can correctly apply the transfer balance cap provisions.

SMSF trustees are required to report the following events:

super income streams in existence just before 1 July 2017
any of the following events

Plan ahead: Tip to better prepare for Tax Time 2019

Posted by Team AVS on 17 Jul, 2018  0 Comments

It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes.

If you haven’t used it already, note that the ATO has an app called myDeductions that will make record keeping easier. The tool allows you to record deductions includin

Disclaimer : All the content (including Blogs, newsletters, Fact sheets, calculators etc.) provided on this website is general information only and is neither intended to nor be considered personal financial or taxation advice. The content has been prepared without taking into account your personal circumstances, financial situation or objectives. In making any financial, investment or taxation decision, information provided on this website should not be relied upon and you should seek personal advice. AVS Business Services Pty Ltd disclaims any responsibility for any decision that you make, based on the information provided on this website.All the information provided on this website is prepared in good faith and based on AVS’s knowledge and understanding of superannuation, taxation and other relevant laws and is believed to be correct at the time of writing the information. However as the laws, being dynamic by nature, keeps on changing, you should not rely on the information provided on this website without first obtaining advice from qualified professional.