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All news by: Philip MacIsaac

To have and withhold – obligations for buying foreign resident owned assets

From 1 July 2016, acquisitions of certain taxable Australian property from foreign residents will be subject to a 10 per cent withholding tax (WHT).  The objective of the new rules is to assist the Australian Taxation Office (ATO) in collecting the capital gains tax liabilities of foreign residents who have Australian property holdings or interests.

What’s next for the $20k write off

The small business $20,000 depreciating asset write-off was announced as part of the 2016 Federal Budget and was passed by the Senate in June 2015. Now that many small business owners are turning their minds to their 2015 Income Tax Returns what does this mean for you?