Yep ... deduction. see s.40-775(4) ... a site that you are leasing to earn income. Asbestos affected rental properties - income tax deductions
See my earlier post. A QS who is not a registered tax agent cannot provide income tax advice. In other words, no advice on effective lives or...
Was the 'services' provided principally for your personal labour and skill ? i.e. no professional employees or subcontractors & not from...
Maybe the QS is not a registered tax agent and consequently cannot give tax advice ?
Also CGT event K3 to consider for testamentary gifts of CGT assets to charities.
If all property has already been distributed then the trust no longer exists. There may have been CGT events in prior years when beneficiaries...
All sorts of issues. Deductions: IP not available for rent the last 2 years and not intended to be rented again. Many repair/reno costs not...
Yep Grandfathering of old law pre-dating the 2006 law changes. Old law exempted "pre-residence" assets or assets inherited during residence ......
Assuming the individual is not a temporary resident (e.g. s,457 visa holder or international student). As I recall the 2004 treaty, but things...
Not aware of any ATO position regarding 'debt recycling' without capitalising interest. Basically, the Commissioner must have regard to the...
In addition to possibly needing to be positively geared (Division 35) as Paul indicated ... Separate/split loans with common security plus...
Money laundering is different. Now that crims are denied the gambling course, they disguise the proceeds as legitimate business profits and pay...
Commissioner does not need a crim to declare proceeds. All the ATO needs to do is raise a default assessment based on unexplained wealth. It is...
No deduction for expenses relating to committing an indictable offence, s.26-54. Illegal proceeds are ordinary income, but deductions may be...
Don't know dad's involvement. Maybe just became aware and made a personal warning to a family member to cease as repercussions are looming.
If you acquired an IP as a residential property and used it as such without substantial development then you will not be liable for GST on the sale.
If you are purchasing an IP from a developer who is charging GST then it is most likely in your interest to agree to apply the margin scheme....
Strict substantiation rules under Division 900 are not relevant for most IP activities. It applies to work-related, business travel and cars....
If you have a new employer, they could also pay certain relocation costs. It is tax deductible to them and the benefits are exempt income to you.
If you can find evidence to support your initial intention to subdivide, develop and hold for residential rent then it does not appear to be an...
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