March 7, 2020

Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.

The ATO’s recently released interpretation of the tax treatment of capital gains distributed by an Australian discretionary trust to non-resident beneficiaries will have a significant negative impact for some.

February 19, 2020

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. “If a taxpayer is reporting aRead More »

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact.

July 30, 2019

As a small business owner, you may be aware that there have been several new measures introduced which will affect 2019 tax returns. In light of these recent changes, including an instant asset write-off announced in the new Federal Budget and increased compliance auditing from the ATO, we suggest getting help from a tax agentRead More »

June 4, 2017

The 2017/2018 Budget provides some interesting changes that could affect people with investment properties if the recommended modifications become legislation over the next few months. Minor changes have been suggested to negative gearing, incentives have been increased to encourage property owners to provide affordable housing, and some of the infrastructure funding could offer substantial propertyRead More »