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

Early CGT exemption when building or replacing a home

It is a widely recognised fact that capital gains tax (CGT) does not apply to a taxpayer’s main residence. What is less well known however is that the main residence CGT exemption can be extended to cover the time it takes to construct (or repair) that residence. In other words, a taxpayer has the option

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Small business car parking FBT exemption

A business becomes liable for car parking fringe benefits tax where it provides parking for more than four hours on its premises to its employees, and is situated within one kilometre of a commercial car park where the minimum all day cost is more than the current parking fringe benefit threshold ($8.66 a day for

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Stay alert for scams and fraud

The Australian Taxation Office (ATO) is committed to educating taxpayers on how to protect themselves against tax scams and identity theft. It says that up to the end of June in 2017, $2.7 million was handed over to fraudsters, with about 2,500 individuals providing some sort of personal information to scammers, including tax file numbers.

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Having fun AND making money. But is it a business or a hobby?

It may seem fairly obvious whether a person is in business or not, but the distinction can be important for other reasons. Your client may be having fun AND making money. But is it a business or a hobby? For example, if you are not carrying on a business, the option to deduct losses from

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