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Why developers should consider a Joint Venture structure
Property developers, whether large or small, need to carefully consider the legal and tax consequences of the structure in which they undertake their developments. Its imperative in the due diligence process that expert advice be attained to ensure reduced costs particularly those associated with Stamp Duty, GST and Capital Gains Tax.
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Proposed changes to 'Backpacker' tax
The Australian Government has published proposed changes to the Working Holiday Maker Program. Generally, this program allows young adults (aged 18 to 30) from eligible partner countries to work in Australia while having an extended holiday.
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Company ATO debts now affect credit ratings
The ATO has announced that from 1 July 2017 it will notify Credit Rating Bureaus about businesses that have not "effectively engaged" with it about their tax debts. Initially the measure will only apply to businesses with Australian Business Numbers and tax debts over $10,000 that are at least 90 days overdue.
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Should you be paying land tax?
Property continues to be a popular asset class for Australian investors. Whilst it is important to consider all of the qualitative aspects of a property when performing due diligence including location, build quality and appearance, it is equally important to consider the quantitative considerations of the asset including rental return, holding costs, ownership costs and taxes imposed.
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Are you ATO SuperStream ready?
From 1 July 2016 all Australian businesses that pay Superannuation Guarantee on behalf of their employees must adhere to the new SuperStream rules.
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Newly Registered SMSFs lodgement due 28 February
A reminder that annual Income Tax Returns are due for new registrant (taxable and non-taxable) SMSFs by 28 February 2016. Considering that the funds Income Tax Return and Financial Statements need to be completed and independently audited members should ensure there records are provided to there accountant as soon as practicable.
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The Tax Implications of Uber
As Uber continues to grow in popularity more and more Australians are taking up driving for the San Francisco based company. As with all income producing activities in Australia, it is important to understand the tax implications involved in driving for Uber and participating in the ride sharing economy.
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ATO Targets Holiday Homes
The ATO has issued several statements confirming to both tax agents and the general public, that they intent to target holiday home rental properties this coming tax year.
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