by Camden Professionals | Apr 2, 2024 | ATO, Property Outlook, Tax & Accounting, Tax Deductions
If you’ve invested in vacant land with a view to building an investment property on it, the tax deductions you can claim have changed. Effective July 1, 2019, expenses related to holding vacant land are no longer tax-deductible, regardless of ownership prior to that...
by Camden Professionals | Apr 2, 2024 | Announcements, ATO, PAYG, Smalll Business
The PAYG withholding cycle determines reporting and payment frequency to the ATO. The ATO will write to tax agents and employers in April to announce if your PAYG withholding cycle needs to be upgraded. Your new withholding and payment cycle will depend on the amount...
by Camden Professionals | Mar 19, 2024 | ATO, Income Tax Returns, Medicare
This is a bit of an ATO (Australian Taxation Office) secret, but under certain circumstances you may be entitled to claim any Medicare Levy you’ve paid during the year back if you’re deemed exempt. Claiming a Medicare Exemption If you were considered a temporary...
by Camden Professionals | Mar 11, 2024 | ATO, Electric vehicles Tax, Fringe Benefits Tax (FBT)
The Fringe Benefits Tax year (FBT) ends on 31 March. In this article we clear up some of the confusion regarding the FBT issues when an employer provides an EV (electric vehicle) to an employee. In late 2022, the Government introduced a concession that enables...
by Camden Professionals | Feb 29, 2024 | ATO, Smalll Business, Tax & Accounting
The Tax Office will begin applying penalties from the middle of next month where businesses have failed to lodge a Taxable Payments Annual Report (TPAR) from 2023. The ATO has warned businesses that pay contractors to provide certain services to lodge their taxable...
by Camden Professionals | Feb 7, 2024 | ATO, Income Tax Returns, Tax & Accounting, Tax Deductions
A recent case presented before the Administrative Appeals Tribunal (AAT) underscores the significance of ensuring that the evidence aligns with the tax position asserted. This specific case revolves around heritage farmland, initially acquired for $1.6 million and...
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