Tax

From February onwards, the registrar of the Australian Business Register will begin cancelling the Australian business numbers (ABNs) of certain trusts.

New withholding rules on the sale of property by foreign residents have been introduced. This essentially turns property buyers into potential tax collectors.

Small business and individual taxpayers hit with hefty tax bills that they want to dispute will continue to be held guilty until proven innocent, and the Australian Taxation Office won’t have its appeals and compliance functions split under a separate commissioner, the Federal Government has said.

There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence” even though it does not yet have a habitable dwelling.

From sporting clubs or environmental groups to many charity associations, volunteers are an indispensable workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive.

For many people, their tax refund is treated like a mini lottery win. This tax time, consider putting your “gift” from the ATO to good use and silencing the part of you that wants to fritter it away on things that expire.

This tax time the Tax Office is specifically targeting excessive or inappropriate deductions made by rental property owners.

The Tax Office has revealed four problem areas where landlords may be incorrectly or inadvertently claiming deductions that don’t suit their circumstances. They’ve also included case studies so that landlords can clearly and easily identify if they’re being compliant in these areas.

It’s something of a little white lie, isn’t it – the one told to aspiring small business owners and entrepreneurs is that hard work guarantees success.