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In September we have included Business & Accounting Topics including:
1. Property development & Tax
The ATO seems to be always looking over the shoulder of property developers to make sure they are complying with their tax obligations.
2. Tax & Children’s saving account
If a child is under the age of 18, and they earn income on their savings account, remember that the ATO considers that the person who “owns” the interest depends on why uses the funds of that account (no matter what type of account it is or the name of the account holders)
3. CGT exemptions on inherited homes
Inherited a home or a legal interest in one could be the largest windfall gain that many Australians ever experience. From a tax law perspective, when someone dies a capital gain or loss does not apply when a property passes
4. Operating expenses deduction for SMSF
Operating expenses that are incurred by an SMSF are mostly deductible, however, there can be exceptions to the extent that these relate to the gaining of non-assessable income (such as exempt current pension income) or are capital in nature.
5. Rental property owners tips
The ATO is reminding rental property owners that each year it sees some fairly common mistakes being made with tax claims, and the outcomes that result, in regard to investment properties. It has therefore released a list of the top 10 stumbles, and how best to avoid them.
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Ben Gu is a Chartered accountant, registered tax agent, registered ASIC agent, SPAA specialist advisor and CA SMSF specialist with experience across a wide range of tax and business.
