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The tax consequences of land subdivision

Posted by Team AVS on 27 Jun, 2023  0 Comments

It’s quite common for individuals to subdivide land they own, and then sell off one of the blocks. Depending on the circumstances, this can  have capital gains tax (CGT) and GST implications.

Capital gains tax

If you subdivide a block of land, each resulting block is registered with a separate title. For capital gains tax (CGT) purposes, the original land parcel is divided into two or more separate assets.

The profit from selling subd

Temporary Full Expensing: get in quick!

Posted by Team AVS on 20 Jun, 2023  0 Comments

This could be the final opportunity for your business to take advantage of Temporary Full Expensing (TFE)…but get in before 1 July!!

To recap, TFE encourages and supports businesses by allowing an immediate deduction for the business portion of the cost of a depreciating asset. There is no cost threshold– the whole cost of the asset can be written off in the relevant year. However, cars can only be depreciated up to the car limit which is

New work from home record keeping requirements

Posted by Team AVS on 13 Jun, 2023  0 Comments

Are you one of the five million Australians who claim work from home deductions? If so, stricter record-keeping rules may now apply.

For this financial year and moving forward, there are now only two methods to calculate your work from home claim:

Revised fixed rate method (with new rules applying)
Actual costs method (unchanged).

The actual costs method has never been all that popular because you need to keep records of every expense

ATO focus on rental property income and deductions

Posted by Team AVS on 2 Aug, 2022  0 Comments

Income and tax deductions from rental properties is one of the four key areas that the ATO is focusing on this Tax Time.

INCLUDE ALL RENTAL INCOME

The ATO receives rental income data from a range of sources including sharing economy platforms, rental bond authorities, property management software providers, and state and territory revenue and land title authorities. The amount of data the ATO accesses grows each year, making it easier and f

STP year-end finalisations… due soon!

Posted by Team AVS on 9 Jul, 2022  0 Comments

Employers need to make STP finalisation declarations by 14 July each year. As your registered agent, we can assist you in this important, upcoming process.

If you have 20 or more employees, you should be reporting closely-held (related) payees each pay day along with arms-length employees. The finalisation due date for closely-held payees is 30 September each year.

A ”closely-held (related) payee” is an individual directly related to th

Get ready for super changes from 1 July

Posted by Team AVS on 24 Jun, 2022  0 Comments

As the new financial year approaches, there are changes to who is eligible for super and how much you need to pay.

From 1 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold for when SG is paid is being removed. You only need to pay super for workers under 18 when they work more than 30 hours in a week.

An employee’s eligibility for SG i

Four priorities for the ATO this Tax Time

Posted by Team AVS on 24 Jun, 2022  0 Comments

In the middle of May, the ATO announced that there will be four focus areas on their radar during Tax Time 2022 – record-keeping, work-related expenses, rental property income and deductions, and capital gains from crypto assets. It is reminding taxpayers that there are three golden rules when claiming a deduction:

You must have spent the money yourself and weren’t reimbursed
If the expense is for a mix of income-producing and private u

Six super strategies to consider before 30 June

Posted by Team AVS on 23 Jun, 2022  0 Comments

With the end of financial year (EOFY) fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider before 30 June 2022.
Tip 1 – Use the carry forward concessional contribution rules
If you want to make up for lost time and make extra contributions to top up your superannuation balance, you may be able to use the carry forward concessional contributi

30 June Tax Planning

Posted by Team AVS on 2 Jun, 2022  0 Comments

As we move towards the end of the 2021/22 financial year, there are a number of year-end income tax planning opportunities that may be available to optimise your tax position.

Temporary full expensing

Are you contemplating asset and equipment purchases? If so, consider getting in before 1 July to take advantage of temporary full expensing (TFE).

TFE supports businesses and encourages investment, as eligible businesses can claim an immedi

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