All in Share Economy and Tax
Are myTax users paying too much tax?
Tax Services Australia is calling on the Government to change the tax law, so homeowners do not pay more tax than tenants through Airbnb and similar services.
Are you earning income from the share economy, but overlooked sharing your income with the ATO?
If you own your own home you can access one of the greatest and rarest of tax benefits, a large capital gain when you sell it, with no tax to pay.
Being complacent with tax in your life is exactly what the Government and the Australian Taxation Office want you to be, to minimise your wealth and to work as long as possible.
It is nice to share, but are you sacrificing your biggest tax haven?
Superannuation is supposed to be for your retirement. Indeed, the 'sole purpose' of superannuation is intended to provide for your retirement.
The focus this week has been on the announcements made in Tuesday's Federal Budget, but Tax Services Australia can reveal that combined with budget changes announced in the 2012 Federal Budget, 5 years ago, will be devastating for many Australians living and working overseas.
The 2017 Federal Budget continues to hit non-residents of Australia, with several initiatives directed toward collecting more revenue for the government.
Personal investment and superannuation changes:
Investors who acquire real estate after 9 May 2017 which includes assets / fittings, etc within the property, which could previously be valued and captured for depreciation purposes will no longer be able to claim these tax deductions;
How much a house costs is really an economics question of ‘demand’ and ‘supply’.
Well intended calls are regularly made, particularly in the lead up to the Federal Budget, for first home buyers to be able to access their superannuation accounts to buy a property.
In the heat of the current federal election campaign fury has broken out about politicians ‘double dipping’ on travel claims and use of Canberra properties that are owned by their families.