Don’t lodge before your information made available by ATO. With Tax Time 2020 just around the corner, many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund.
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ATO data matching on ride sharing Uber Lyft drivers, while the Coronavirus pandemic has put many things on hold, it hasn’t stopped the ATO from going ahead with its data matching programs.
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Insurance payouts taxable? Australia has been battered by a combination of fire and flooding in the past few months, it is little wonder then the topic insurance payouts are on everyone’s lips. What is perhaps most concerning is that not everyone knows insurance payments may have tax consequences.
Read more: Insurance payouts taxable? Rceived an Insurance payout lately
Tax man doing the right thing by you? Anyone that has had a bad experience after navigating the maze of bureaucracy that is the Tax Office (ATO) may be reminded of an old Latin phase “quis custodiet ipsos custodes” which loosely translates into “who watches the watchers?”.
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Tax evasion tackled by the ATO. With the rise the global economy and easy flow of money across borders, no country is immune to international tax evasion and money laundering.
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Student loan limit changed by Government from January 2020. With the cost of studying at university going up every year, a new combined, renewable student loan limit has been implemented from 1 January 2020 to enable university students borrow more to cover the cost of tuition.
Read more: Student loan limit changed by Government from January 2020
Foreign residents and changes to main residence exemption. Laws limiting foreign residents’ ability to claim the CGT main residence exemption are now in place. This means that if you’re a foreign resident at the time of disposal of the property that was your main residence, you may not be entitled to an exemption and may be liable for tens of thousands in capital gains tax.
Personal Tax, Foreign Residents, Capital Gains Tax (CGT)
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First Home Loan Deposit Scheme, help for first home buyers. The new year means more help for first home buyers to get on the property ladder. The new First Home Loan Deposit Scheme came into effect on 1 January 2020 and seeks to provide eligible first home buyers on low and middle incomes with a guarantee so they can purchase a residential property with a deposit of as little as 5%.
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Backpackers on working holidays are to pay less tax. A recent case on the “backpacker tax” received wide ranging media coverage and was hyped as a win for all working holiday makers. However, take a closer look, and it is clear that the case has a much narrower application than reported.
Read more: Backpackers on working holidays are to pay less tax
Vacant land, no deductions to be allowed for holding vacant land. The building defects saga that’s happening all around Australia has understandably caused public uproar and forced state governments to act. It is unsurprising then that this issue was at the forefront of the Federal government’s attention when it decided to enact an exception to disallowing deductions for holding vacant land.
Personal Tax, Rental Properties
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