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As part of our Christmas cheer and spreading this to those around us, we are donating to 2 very worthy causes – The Smith Family and Orange Sky Australia. The reason for our choice is based on some of the programs both of these organisations provide.  We consider this...

who claimed a loss on their home.   A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return...

Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.   While not a concern for the average worker, if enacted, those with significant property or other illiquid assets in their superannuation fund are most at risk,...

Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences.   Inflation and labour supply RBA Governor Michelle Bullock stated, “Inflation is past its peak and heading...

Chobani plain yoghurt is GST-free but Chobani’s ‘flip’ range is taxable? A recent case before the AAT demonstrates how fine the dividing line is between GST-free and taxable foods. Back in 2000 when the Goods & Services Tax (GST) was first introduced, basic food...

What happens when a trust appoints income to a private company beneficiary but does not actually make the payment? The tax treatment of this unpaid amount was at the centre of a recent case before the Administrative Appeals Tribunal (AAT) that saw a taxpayer...

Submitting your tax return can be a time-consuming process. A checklist makes the process more efficient and also ensures you capture every element you need to maximise your return. If you’re completing an individual tax return we’ve included the following key areas:...

The ATO estimates that incorrect reporting of rental property income and expenses is costing around $1 billion each year in forgone tax revenue.  A big part of the problem is how taxpayers are claiming interest on their investment property loans. We’ve seen an uptick...