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Negative Gearing

Negative gearing A rental property is said to be 'negatively geared' where the deductible expenses (including interest on the loan borrowed to finance the property) exceed the income earned from the property. The overall tax result of a negatively geared property is a net rental loss. In this case, you may be able to claim [...]

‘Backpackers tax’ to be delayed and reviewed

‘Backpackers tax’ to be delayed and reviewed ‘Backpackers tax’ to be delayed and reviewed The government has announced that it will undertake a review of the broad range of issues affecting the supply and taxation of working holiday maker 417 and 462 visas. To provide for further consideration of these issues, the government will defer, […]

CGT Rollover relief for changes to entity structure

CGT Rollover relief for changes to entity structure On 8 March 2016, the Tax Laws Amendment (Small Business Restructure Rollover) Act 2016 received royal assent. This roll-over was announced in the 2015-16 budget as part of the Growing Jobs and Small Business package. Broadly, this Act : provides greater flexibility for small business owners to […]

Changes to being able to pre-pay tax

Changes to being able to pre-pay tax The ATO has advised practitioners that to make it easier for clients to manage their tax liabilities, they can now pre-pay their activity statement before the due date. In the past, the ATO automatically refunded credits from early payment. Now, a pre-payment made towards a tax liability before […]