Authoritative and technically accurate information and guidance on all areas of tax

The CGT implications of subdividing and building on the family property

Given the state of the property market in Australia these days, a not-uncommon situation can arise where a residential property owner seeks to demolish and subdivide the block containing the family home and build residential units. CGT implications of subdividing and building on the family property. If a taxpayer has the available land of course,

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Back to the future for truck driving employee meal expense claims

The ATO has announced it has reinstated the meal-by-meal approach for truck drivers who claim travel expenses for meals, after consulting closely with industry. The ATO has issued Taxation Determination 2017/19, which covers employee truck drivers claiming meal expenses for the 2017-18 income year. It says that to claim a deduction for meals, you must:

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The tourist refund scheme

The sun, the surf, the shopping! Australia has enough temptations on offer to keep the credit card running hot. But there’s no need to stress, because there is a little known scheme that might help take the bite out of the credit card bill. The tourist refund scheme The Tourist Refund Scheme (TRS) lets you

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GST and the buying or selling of real estate premises

Whether a sale of property is subject to GST will be dependent on a number of factors. The sale of real property must be made in the course or furtherance of an enterprise before it is brought into the GST system. One way to explain the relevant considerations is through an example: Alan, a sole

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Substantiation for work expense claims

Claims for work-related expenses, car expenses, and travelling expenses incurred by an individual must be substantiated if the claims are to be allowed (Division 900 of ITAA97). As well as the requirement to incur deductible expenditure, the “substantiation” rules impose a strict evidentiary requirement that must be satisfied if claims are to be allowed. Substantiation

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