Holiday rentals under greater scrutiny

The Australian Tax Office (ATO) has begun to monitor tax deduction claims made for holiday rental properties much more closely, with the purpose of preventing excessive rental deduction claims. They have advised that they have sent letters to taxpayers in about 500...

Independence of Auditor

Under sections 301 of the Corporations Act 2001 all disclosing entities, public companies, large proprietary companies and managed investment schemes are required to have their financial reports audited and lodged with the Australian Securities & Investments...

What is the value of a parking spot?

There is no definitive answer to this question, however these days it would not be out of the ordinary to say a couple of hundred thousand dollars, if the space is in a prime location in Sydney. Some of the highest prices paid for a car space include: Elizabeth Bay...

ATO and Phoenix Activity

Both the Australian Securities & Investments Commission (“ASIC”) and the Australian Taxation Office (“ATO”) regularly investigate “Phoenix Transactions”. What is phoenix activity? Illegal phoenix activity refers to activities that involve the intentional transfer...

The New $20,000 Depreciation Rules

New laws have passed that allow small businesses to claim an immediate deduction for assets they start to use – or have installed ready for use – provided each depreciable asset costs less than $20,000. This will temporarily replace the previous instant asset...
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