With the advent of the new year, a new measure is now in effect to give first home buyers a leg up on the property market. Starting 1 January 2020, couples that earn less than $200,000 combined, and singles that earn less than $125,000, who have never owned a property and are Australian citizens may…

As the bushfires that devastated large swathes of the country continue on their destructive path leaving shatter communities in their wake, there are glimmers of hope with efforts to support and rebuild these communities starting to gather pace. In conjunction with these efforts, the ATO has announced automatic deferrals for lodgements and payments for taxpayers…

As a testament to the far-reaching consequences of recent residential building defects crisis, the government has recently decided to change the legislation on vacant land deductions to exclude structures affected by natural disasters or other exceptional circumstances such as substantial building defects. Previously, the government had sought to crack down on “land banking” by disallowing…

Did you know that a random audit by the ATO last year revealed nine out of ten rental property owners made a mistake with their rental deductions? In this first of a two-part series, we share some tips on what you can and can’t claim. This article assumes you own a 100% rental property with…

As you sip a drop from the latest vintage you’ve crushed with the toes of your family and friends, is it possible that turning these vines into wine has ventured into primary production, and this happy hobby has become a business? How can you tell? Defining “primary production” and “business” is no problem. Figuring out…

It’s often obvious when a company is carrying on a business. But many clients have companies set up in their family or business groups, whose “business” status may be less clear. Common examples include companies that simply hold assets used by another entity in the group, that receive trust distributions, or that appear to be…

The way we approach tax matters can sometimes end up making a big difference to our bottom line and stress levels. Here are three tips to help individual taxpayers achieve a better outcome when lodging and dealing with the ATO this tax time. Tip one: Get help with debts early: If you’re experiencing financial difficulties,…

Undertaking further study is a great way to enhance your skills on the job, but on top of tuition fees you may be facing a range of additional costs. After discussing when you can deduct your course fees in our last article, we’re now considering how you can claim deductions for expenses such as textbooks,…

Have you run a small business that has ceased or paused operations? Or perhaps you’ve been hired as an ABN contractor? The ATO is cleaning up the Australian Business Register and is on the lookout for people who may not be entitled to hold an ABN. This year, the ATO has been focused on improving…

Planning on going “back to school”? The costs can really add up, but the good news is that your course fees may be deductible if the course is sufficiently related to your current employment. In this first instalment of a two-part series, we explain when you can deduct your tuition fees for work-related education. Our…

Page 0 of 41 4

© 2015 MARK BABBAGE | MADE FOR FUN!

Babbage-Transparent

STAY CONNECTED WITH US: