Category: Construction Industry
More than $29 billion in temporary business and personal income tax cuts, a $33 billion boost for care services and $4 billion more for training programs, are at the core of the government’s budget which aims to create 250,000 jobs by the end of 2022 and drive the unemployment rate below 5%.
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.
Are you in the building and construction industry? Do you know that you need to report detailed information to the ATO about all the building and construction contractors you have paid each year? No? Well read on…. I’ve noticed that many business owners in the building and construction industry are not yet aware that theyRead More »
A popular method of avoiding taxation in the past has been to buy a property, build or renovate, live in the residence for twelve months (satisfying the appearance of ‘primary place of residence’), then selling the property – and buying another property to repeat the cycle. This takes advantage of exemptions to capital gains taxRead More »
Amongst the Australian Tax Office’s targets this year are work-related deductions – especially relating to fly-in-fly-out (FIFO) workers. So how can you avoid getting caught in the net? The obvious answer is to not to do the wrong thing. Well, that’s always a good start – but the rules around deductions for FIFO work haveRead More »