You say you are both accountants, but not clear on whether you are working in public practice or in commerce. I’d suggest that you check your...
I would be seeking advice as I'm not convinced it would be taxable in your scenario based on the information you have provided. The ATO...
I’m sure many other will weigh in, including the ones with legal knowledge but the one thing that jumped out at me was the payment of compensation...
I had the exact same scenario. Client purchased a unit with LMI, so claimed a portion of the LMI as a borrowing cost and the ATO just disallowed...
If you contract to sell a property now, it will be in the 2022/23 financial year. The due date for the lodgement of the FY23 tax return is...
Read this morning that the RBA are basing their increases on the quarterly CPI data that came out in April (for the Mach quarter) and that they...
Has the Government/ATO given an indication of how much revenue loss there is from the trust distribution scenarios? Would be interesting to...
Yes, certainly with some cars having 6-12 month waits, the price of second hand cars have gone through the roof. Looking at what we are buying, I...
Thanks all, car loan will be for around $70k, I know this won't be a popular opinion, but we have sold our older car to fund the deposit and to...
We are about to start building a house and are waiting on final costings to come back from the estimators so that we can get our build finance...
Are you the beneficial owner or are you holding it on trust for her?
I would have thought you would want to get a non-refundable deposit of at least the amount of rent (or more) that you would be able to charge for...
It would be based on the depreciation cost limit (DCL), not the luxury car tax limit (LCT) For FBT purposes the operating costs are the actual...
Under the operating cost method for FBT there is deemed depreciation and deemed interest included in the running costs, so your employee...
I think in this environment you are going to struggle to get it done in under 12 months with any one. One of the options you may have would be a...
What are you trying to achieve by the change? Is it a land tax issue? You'll have a CGT event as there is a change in beneficial ownership. I...
Best to get some advice on what your contribution caps are and then you can see what options you have as per Ivan's comments above. Also note...
If they change their mind, then really, you have the same process you would have had if you had to search for a new tenant at the end of the...
Our lease (as tenants) was up on 29/3/22 and we re-signed ours in the first week of January. If you have no objection, surely you would want to...
Assume this only relates to statutory directors listed with ASIC, and wouldn't impact employees who have the 'Director' title?
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