The recent legislative amendments in Western Australia bring good news for first-time home buyers. The Duties Amendment (First Home Owner Concessions) Bill 2024 has been enacted, becoming Act No 27 of 2024. This amendment to the Duties Act 2008 (WA) significantly increases the first home owner duty concession.

Owning an investment property in Australia offers great potential for income, but it also comes with specific tax obligations and entitlements. Here are some essential tax-smart tips to help you navigate the financial landscape of property investment.

Record Keeping Makes Tax Time Easier
Keeping thorough records from the beginning can save you a lot of hassle and ensure you maximize your deductions and entitlements. Here's what to keep track of:

Buying: Keep records such as the contract of purchase, settlement statement, conveyancing documents, loan documents, and any costs associated with buying the property.
Owning: Maintain proof of rental income, all expenses, periods of private use, loan documents, capital improvements, and depreciating assets.
Selling: Keep the contract of sale, conveyancing documents, sale fees, and calculations of your capital gain or loss.

Staying informed about the legal landscape surrounding tax and superannuation is crucial for safeguarding your business and clients. One of the key areas of concern is the promoter penalty laws, which target schemes that claim to provide tax advantages but fail to comply with the law.

If you're investing in early stage companies in Australia, you might be eligible for special tax breaks that could save you money. These tax incentives, available since 1 July 2016, are designed to reward investors in innovative startups, known as Early Stage Innovation Companies (ESICs).

Lodging your 2024 Self-Managed Super Fund (SMSF) annual return is an important task, and getting it right ensures a smooth and efficient process. The SMSF annual return is more than just a tax return; it includes essential regulatory information, member contributions, and the SMSF supervisory levy. Here’s how you can avoid some common errors:

Key Points to Remember

Preparing for the 3G Network Shutdown: Key Information for Small Business Owners

Since 2019, Australia's mobile network operators have been planning to shut down their 3G networks to enhance the capacity, speed, and reliability of their 4G and 5G networks. As a small business owner, it is essential to understand how this transition may impact your operations and take appropriate measures to stay connected.

On 19 June 2024, the Albanese government launched its highly anticipated Sustainable Finance Roadmap (Roadmap). This comprehensive blueprint is designed to assist companies, investors, and the broader community in seizing the immense opportunities that come with Australia’s transition to net zero emissions. The Roadmap is poised to:

AAT Rejects Commissioner’s Amended Assessments: A Win for the Moloney Trust

The Administrative Appeals Tribunal (AAT) has overturned the amended assessments issued by the Commissioner of Taxation, who had applied the market value substitution rule in section 116-30 of the Income Tax Assessment Act 1997 (ITAA 1997). This rule was used to significantly increase the valuation of shares in a share sale agreement involving the Moloney Trust. Despite claims that the parties did not deal at arm's length, the AAT sided with the taxpayers, accepting their expert witness's valuation of the business. This decision allowed the Moloney Trust to satisfy the maximum net asset value test, ensuring small business concessions were applicable.

The Association of Superannuation Funds of Australia (ASFA) has released its Retirement Standard figures for the March 2024 quarter. Here’s what you need to know:

The NSW Supreme Court has made a significant decision regarding landholder duty under Chapter 4 of the Duties Act 1997 (NSW). In the case of Conexa Sydney Holdings Pty Ltd v Chief Commissioner of State Revenue (NSW) 2024 ATC ¶20-912; [2024] NSWSC 628, the court ruled that an underground pipeline is dutiable as "goods" for assessment purposes under Section 155 of the Act.

With tax time 2024 just around the corner, it's crucial to be aware of the ATO's focus areas to ensure a smooth and error-free tax return process. Here's what you need to know:

The Government is taking action to enhance the foreign resident capital gains tax (CGT) regime. Announced on 14 May 2024 as part of the 2024–25 Budget, these measures aim to ensure foreign residents pay their fair share of tax in Australia and provide clearer rules for everyone involved.

The Australian Federal Police (AFP) is taking action against a Sydney-based cheque-cashing entity, seizing $500,000 in an ongoing investigation into a suspected $1 billion tax fraud operation.

The Administrative Appeals Tribunal (AAT) recently ruled on a case involving a property developer's reduced input tax credit (RITC) claims. Despite insufficient evidence to substantiate some deductions, the developer saw a partial win, with a reduction in primary tax and administrative penalties. Here's a breakdown of the case and its implications for taxpayers.

The ATO has released guidance to assist taxpayers in supporting reduced input tax credit (RITC) claims, particularly concerning complex IT outsourcing agreements used in making input taxed supplies.