Taxable Payments Annual Reports

Building & Construction industry businesses must lodge a ‘Taxable Payments Annual Report’ to the ATO at the end of each financial year.  This new lodgement requirement will only apply to businesses involved in the Business & Construction industry and must be lodged to the ATO by the 21st July of each financial year. The ATO will consider your business as trading in the Business & Construction industry if any of the below criteria are relevant for your business: 1-      50% of the business income has come from providing building & construction services 2-      50% of the business activity has been related to building & construction services 3-      If the above two criteria would have been satisfied in the previous financial year This new report will outline the contractors used by your business during the financial year for the purpose of...

July – 2014 Practice Update

July – 2014 Practice Update covers following points - - SuperStream starting 1 July for many employers - ATO's new Business Viability Assessment Tool - Project DO IT update - ATO Div.7A benchmark interest rate - ATO warning on 2013/14 work-related deductions - 2014/15 Luxury car tax (LCT) limit - ATO campaign warns of tax time scams - IGT – ATO debt collection - GIC and SIC rates for the 2014 September quarter Click here for – July 2014 Practice Update...

Rental Property Expenses Schedule

Note: This is a checklist, not advice. Expense claims are subject to limitations based on their character, timing, extent of attribution to rental activities and sufficient substantiation. *Some expense claims may typically be required to be spread over more than one tax year.
  • Advertising for tenants
  • Property management fees
  • Bank fees paid on an account used for rental transactions
  • Body corporate or strata fees paid
  • Borrowing costs*
  • Mortgage discharge costs
  • Loan establishment fees*
  • Capital allowances, decline in value, depreciation *
  • Cleaning
  • Council rates
  • Gardening maintenance
  • Lawn mowing
  • Tree pruning
  • Pool cleaning
  • Maintenance of grounds, buildings, contents
  • Insurances including building, contents and landlords insurance
  • Interest on loan(s) or credit cards used to purchase the property or to pay for anything directly associated with the property
  • Land tax
  • Legal fees – lease preparation
  • Legal fees – debt collection, eviction etc
  • (Legal fees associated with the property purchase – not deductible, but may form part of the cost for...
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