Private Clients

TaxTime 2017: Let's Get Ready 3rd July 2017

There are many ways to defer income, maximise deductions and take advantage of other tax planning initiatives to manage your taxable income....

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GST Updates Affecting Private Clients and Private Business Owners 23rd May 2017

From 1 July 2018, purchasers of newly constructed residential properties or new subdivisions will be required to remit the GST directly to the ATO as part of the settlement. ...

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Key Aspects of CGT Relationship Breakdown Rollover Relief 21st April 2017

The capital gains tax (CGT) rollover relief for marriage or relationship breakdown is, suffice to say, highly significant for people who are experiencing the trauma of a relationship breakdown; especially where substantial assets may be involved....

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Avoiding ATO tax penalties 14th March 2017

The ATO has steadily increased the amount of analysis, reviewing and auditing it does in relation to individual and business tax self-reporting....

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Foreign resident capital gains withholding 6th February 2017

New rules apply to vendors disposing of certain taxable Australian property under contracts entered into from 1 July 2016. A 10% non-final withholding will be applied to these transactions at settlement....

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Holiday Home Owners: Take Note of ATO Scrutiny 18th January 2017

The ATO is increasing its focus on holiday home investors and, in particular, whether they are correctly claiming deductible expenses. In the past, the ATO has written to taxpayers reminding them to only claim the deductions they are entitled to, for the periods the holiday home is rented out or is genuinely available for rent. ...

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Rental Property Owners and Holiday Home Investors 1st August 2016

The ATO is scrutinising rental expenses being claimed by holiday home owners. While it has always paid attention to rental property owners' claims for rental expenses, the ATO's focus on holiday home investors is more recent. The new ATO guidelines make it clear that whether expenditure incurred on a holiday home is deductible depends on whether the property is genuinely available for rent. Owners' private use of the property and friends' and family's discounted use also needs to be carefully monitored....

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