ATO Tax Professionals RSS Feed
  • Applying the margin scheme correctly
    on May 4, 2021 at 12:00 am

    Make sure your clients are eligible to use the margin scheme before they sell property and calculations are correct.

  • Eligibility for JobKeeper and cash flow boost
    on May 4, 2021 at 12:00 am

    Learn more about the recent court decision on eligibility for JobKeeper payments and cash flow boost credits.

  • Foreign exchange rates
    on May 3, 2021 at 12:00 am

    List of daily, monthly and annual foreign exchange rates. Updated to include monthly rates from the Reserve Bank of Australia for April 2021.

1 day ago

MCA Accountants

Asset Protection Tip: Understand your structure - Asset protection structures can only be effective if you understand them enough to follow them. There's no point paying a fancy accountant to set up 2 companies, 3 trusts, and a superfund if you don't understand it - inevitably you put the wrong thing in the wrong entity and undo all your good work (and costs). A good accountant will never get tired or explaining your circumstances to you ... See MoreSee Less

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1 day ago

MCA Accountants

Where previously medical expenses over a threshold were entitled to a tax offset, changes a number of years ago limited the types of expenditure that was eligible to disability care and aged care. From 1 July 2019, the offset will be abolished entirely ... See MoreSee Less

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2 days ago

MCA Accountants

Tax Tip: Absence From Main Residence - The main residence CGT exemption is the biggest tax break most individuals will ever receive. Buy a home for $200,000, sell it for $1,000,000 (albeit many years later), and pay no tax on the sale. What you may not know is that you can still claim the exemption if you rent the house out and don't have another main residence, up to a period of 6 years For example, you purchase your home in 2008 and lived in it until 2018. You get an amazing work opportunity, head overseas for a 4 year assignment and rent out your home. You will still be eligible for the main residence exemption IN FULL As with most tax-related items, there are traps and catches - so seek professional advice ... See MoreSee Less

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2 days ago

MCA Accountants

If you operate a business you have no doubt provided a personal guarantee at some stage (even if you don't know it - most creditors will have one embedded in their terms somewhere). It is important that upon leaving the business that you ensure that you are released from all of these guarantees. A simple letter to each one is normally enough, but some will have hoops to jump through. As painful as it is, it's important to do so ... See MoreSee Less

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3 days ago

MCA Accountants

There are many success stories from Self Managed Super Funds, but many people go in blind. Find out what you need to know before starting one at bit.ly/2Ky3bOR ... See MoreSee Less

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