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

Travel expenses for investment properties (and CGT)

  An article in the latest The Taxpayer1 magazine discussed the relatively recent change to the rules regarding the ability of investment property owners to claim travel expenses related to their residential rental holdings. These claims are no longer allowed (see here for some ATO information). But the wording of the ATO guidance, which was

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Remember that a fuel tax credit increase has just gone through

  Fuel tax credit rates are indexed twice a year, in February and August, in line with the consumer price index (CPI). Also these rates change regularly, so it’s important to check when you are preparing an activity statement for a client. See this ATO webpage for the rates that apply from 4 February to

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Tax losses and franking offsets for corporates

  Companies are not entitled to a refund of franking tax offsets, however they may be able to convert them to carried forward losses in subsequent years. Companies are able to choose the amount of prior year losses they wish to deduct, after first having offset losses against net exempt income. There are however the

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Zero CGT discount for non-resident clients? That depends

  The starting point in understanding any complex tax rules (or any complex material for that matter) is usually to understand the “rational” and/or basic “principle” behind the rules. In this case, that basic principle is to deny the CGT discount (in full or part) to a taxpayer if the CGT liability arises after 8

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