Posts

Tax Office targets expats who claim non-resident status

The Tax Office has sent letters to people living overseas who have made claims as non-residents for tax purposes. We strongly recommend that expats consult with their tax professional prior to responding to the letter as international tax matters further compound the already complex tax rules.

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Victim of TFN identity theft? The taxman can help

Identity theft is such a threat nowadays that the Tax Office has set up a Client Identity Support Centre (find it here) to help taxpayers who have had their identities stolen or misused.

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Tax deductions for subscriptions, special fees and levies

Many professional, business or trades people are members of an association, and during their working life subscribe to an appropriate organisation.

In most cases the membership of a trade union for example, or professional association relevant to workers in a particular occupation, would qualify for a tax deduction under the general deduction provisions of the tax laws.

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Property transactions: have you got an appropriate valuation?

Not all taxpayers may be aware of how the use of valuations can affect their annual tax bill.

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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.

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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 portfolio, so when a “grass is greener” tax option seems possible, it can be very tempting to chase after it.

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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 about the tax implications for Australians who take advantage of such offshore opportunities.

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If you think the taxman is wrong, here’s what you can do

You are allowed to disagree with the Tax Office, if they have disagreed with your self-assessment of your tax position.

If you believe your tax assessment is incorrect, the first step is straight forward and pretty informal. You contact us and we start making enquiries; you may need to provide us with extra information to help. If we believe the assessment is wrong we can lodge an amendment with the Tax Office (see our post Making an amendment to your tax return).

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Tax deductions for your holiday house

Many of us look forward to an annual getaway, either to the beach or the bush, as the best way to unwind and re-charge after another tiring year. For many Australians having a beach shack or bush retreat can be made more affordable by leasing out their properties to other holiday makers.

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What is a Tax Office public ruling and how can it help?

The Tax Office can issue public rulings that provide guidance on the interpretation of various tax laws.

Public rulings generally deal with priority issues that have been found to require clarification, so if you have a concern about a particular area of tax law, you may find that many of your concerns are shared by others and may have already been addressed.

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