From 1 July 2018, purchasers of new residential premises and new residential subdivisions will be subject to recently passed legislation intended to 'clamp down' on GST evasion in the property development sector.
The ATO has recently confirmed that, while the private use of holiday homes by friends and family is entirely legitimate, such use reduces a taxpayer's ability to earn income from the property and will therefore impact (i.e. reduce) the amount of claimable deductio...
Further to our earlier update advising the ATO would be increasing its scrutiny on work related expenses, the Administrative Appeals Tribunal has recently denied a taxpayer's deduction for work-related expenses.
Scott Morrison's third budget is headlined by $140 billion in tax cuts over the next decade, immediate tax relief of up to $1,060 a year for middle-income households and a fundamental reform of the tax system. You can find a brief analysis of the budget here.