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Hot Issues
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2019: Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
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Alert - Online Share Accommodation
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Vital statistics for our great nation.
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LRBAs, guarantees in need of review after property market falls
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Victorian Property Valuation Cycle
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Australia - toward EOFY 2019
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Australian Taxation Office (ATO) expects 200,000 to miss out on refunds by failing to lodge
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Biggest personal tax cuts in a decade a priority for Government
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Government to establish $2 billion fund for small business lending
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Small business corporate tax rates Bill is now law
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ATO to double rental deduction audits to 4,500
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ATO set to issue excess super contribution determinations
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How's Australia going as we approach the election?
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Single Touch Payroll (STP) is compulsory for all small businesses.
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Federal Budget 2019 - Overview
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How the 2019 Federal Budget affects you
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FBT Reminder – Odometer Reading
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‘Big awareness push’ underway as STP deadline approaches
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GST collection on overseas goods at 300% of forecasts
Article archive
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Alert - Online Share Accommodation

Home-owners should consider the wider taxation implications of renting the family home before taking a short-term benefit.

       

 

The online platform (e.g. AirBnb) that facilitates the rental of your residence also provides much of that information to the Australian Taxation Office (ATO).  Thereafter, it is a simple matter from them to ensure all taxpayers disclose this rental income in their income tax return.

It is unlikely that many costs of the property during that period will be deductible.

However, a much more significant concern is the loss of full main residence exemption from Capital Gains Tax when the family home is sold.  An apportionment for the “business use” of the property will mean some of the “tax-free” gain has become taxable.

How accurate are your records (compared to the ATO who have the on-line platform records)?  How complex has it become?

Most taxpayers will forget the details but be surprised by an amended assessment without enough information to dispute ATO assessment.

 

 

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