Monthly Archives: June 2020

Less Tax For Some Working Holiday Makers

A recent case on the “backpacker tax” received wide ranging media coverage and was hyped as a win for all working holiday makers. However, take a closer look, and it is clear that the case has a much narrower application than reported. For example, it would only apply to certain working holiday makers that are […]

Closing the Tax Gap: High Wealth Private Groups

ATO will be expanding the work of the Tax Avoidance Taskforce with a new program focusing on high wealth private groups. That segment encompasses approximately 9,000 individuals and 18,000 companies. The new program comes on the back of figures which show that the tax gap for the segment hovering around 7.7%, which works out to […]

Don’t Forget the Instant Asset Write-Off

If your business is in relatively good shape and have been contemplating an asset purchase, now is the time. Not only will you be helping the Australian economy get back on its feet, you’ll be doing your business a favour by taking advantage of the instant asset write-off threshold of $150,000. Which is the highest […]

COVID-19 Effects On Rental Property Owners

Rental property owners along the rest of the economy have taken a hit to their bottom line. In this uncertain time, the ATO has provided some guidance on the deductibility of rental property expenses in various situations such as tenants paying reduced rent or the suspension of rent. For owners of short-term accommodation, the ATO […]

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