The Australian Taxation Office (ATO) have expanded their data matching capabilities in relation to residential investment property loans, landlord insurance, income protection insurance and have also implemented the Sharing Economy Reporting Regime (SERR).

As the end of the financial year approaches, it's crucial for Australian taxpayers to be aware of the Australian Taxation Office's (ATO) key focus areas. By understanding these areas, individuals can ensure compliance and minimise the risk of audit or penalties. In this article, we will highlight two significant focus areas and provide valuable insights on how to navigate them effectively.

Queensland land tax assessments will be changing from 30 June 2023 onwards and property owners will need to consider this as their land tax assessments may increase next year.

Moore Australia welcomes the changes implemented by ASIC on 30 April, to counter the confusion caused by AASB 16. The introduction of AASB 16 resulted in the recognition of right-of-use assets (ROU) and lease liabilities.  The issue, which arose for Australian Financial Services (AFS) licensees, was whether ROU assets would be included in the calculation of their net tangible assets (NTA).

In the 2019 Budget changes to property deductions were announced. In typical budget fashion, the announcement was light on detail and couched around the phrase “integrity improvement”. The changes are focussed on holding costs for vacant land.

Broadway Property Market Update

Rental property investors have access to a range of tax strategies. One such strategy, which is often underutilised, is claiming depreciation as a tax deduction.

Property expenses, such as depreciation and capital works expenditure, can be deducted over a number years, adding to a significant return for property investors come tax time.
 

Over the past month soaring property values have seen landlords hit by steep increases in landlord taxes.

A number of landlords, property owners and lessors have been shocked when confronted with sharp increases in land tax bills this month.

The State Revenue Office (SRO) argues that 2016 was a revaluation year, which means your site value will most likely increase in 2017.
 

It is vital for those with a self-managed super fund (SMSF) to carry out the necessary checks before purchasing a property in their SMSF, especially where borrowing is involved.

Our experienced advisors have listed a number of checks to consider before purchasing a property with your SMSF.