Entries by synecticgroup

Rental property tax deductions that are often misunderstood

Many property investors are making simple mistakes when claiming tax deductions for their rental property, which could be avoided with a little guidance. The following checklist provides examples of many of the common claimable and non-claimable rental property expenses. Check them off to see where you stand, and please contact us for more information specific to your situation.

Are you a share investor or a share trader?

There’s a saying that many sharemarket investors may have already heard: Don’t let the tax tail wag the investment dog. In other words, the best advice for your share portfolio is to base your decisions on investment merit, not on trying to save tax. Even so, there are taxation consequences for everyone with an investment […]

Crowdfunding tax guidance raises questions over gratuities, specialty donations

With the Uber-GST stoush mostly settled, the Tax Office has offered an olive branch to another high-profile disruptive economy -crowdfunding – in the form of provisional tax guidance that promises things will change if they need to. Historically the Tax Office’s stance on crowdfunding has been narrow but definitive. Late last year, the regulator said […]

Avoid ineligible R&D Tax Incentive claims

The Tax Office warns that it is working closely with AusIndustry to identify taxpayers involved in aggressive R&D Tax Incentive arrangements. The ATO says some claims made for the R&D incentive have been negligent on the compliance requirements generally expected when making a claim, with some other instances even bordering on tax avoidance and fraud.

Taxing kids’ savings accounts

Back in the 1980s, people could reduce tax by having their money in bank accounts belonging to their kids. In 1988, the Tax Office intervened by issuing guidance about how they tax children’s savings accounts. Thanks to a simple criterion and penal tax rates, parents cannot pass off their money as mere pocket money for […]

Are you aware of the tax implications of working overseas?

Do you know if you are a resident or non-resident for tax purposes? Do you understand the tax implications of working overseas? Thousands of Australians head offshore each year to expand their horizons. Some will fund their adventure by working overseas. Some may be living and working overseas for an extended period. There can often be confusion […]

SMSF dividend stripping in the taxman’s firing line

The Tax Office has recently warned about the practice known as “dividend stripping”. It has drawn attention to a previously issued taxpayer alert also warning against these arrangements. Of particular concern is dividend stripping involving the transfer of private company shares to a self-managed superannuation fund (SMSF). The Tax Office says the typical target audience […]