Travel expenses are a significant outlay for many professionals and business owners in Australia. Understanding how to properly claim these expenses on your tax return may lead you to substantial tax savings.
Understanding Eligible Travel Expenses
Are you a high-income earner in Australia? If so, you may need to familiarise yourself with Division 293 tax—a tax that could affect your superannuation contributions. This blog post is designed to break down the complexities of Division 293 tax and explain it in a way that’s easy to understand for beginners.
In this overview, we explore the key aspects of land tax laws in Western Australia, Tasmania and The Northern Territory.
What is Land Tax?
Land tax is an annual tax determined by the cumulative taxable value of all the land you own in Victoria, except for exempt properties like your primary residence. It is assessed as of midnight on December 31st preceding the assessment year.
In Queensland, as an individual in ownership of a property that is not your main residence, you are liable for land tax if the total taxable value of your freehold land (comprising land owned solely and your share in land owned jointly with others)—at 30 June, 2023 is $600,000 or more.
What is Land Tax?
Land tax is a levy imposed on landowners in New South Wales (NSW) as of midnight on December 31st each year. If you possess any property that is not your primary residence, including a vacation home or unit, you may be liable for land tax.
Granny flats have gained significant popularity in recent years as a means to generate rental income or provide additional living space for family members.
It’s all very well to be smashing your turnover targets, but if your net profit margin is poor, or not growing in line with your turnover – then are you really succeeding?
There are three methods for calculating ATO car expense deductions: 1) The “cents per km” method 2) The “logbook” method and 3) The “actual costs” method
What can I claim on my rental property in my tax return?
Renting out a property that you own can be a fantastic way to boost your tax refund.
The Australian Taxation Office (ATO) has announced its three main areas of focus for the current Tax Time: Rental Property Deductions: The ATO has identified rental property deductions as a critical area for attention.
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