Newsletter

The Australian Taxation Office (ATO) is changing the way they collect goods and services tax (GST) on some property transactions during the settlement process.

From 1 July 2018, buyers who purchase new residential premises or potential residential land need to withhold an amount from the purchase price and pay it directly to the ATO on or before settlement.

From 1 July 2017, travel expenses relating to a residential investment property are not deductible.

A residential property is land or a building that is occupied as a residence or for residential accommodation, intended to be occupied, and is capable of being occupied, as a residence or for residential accommodation.

ATO TARGETING WORK-RELATED CAR EXPENSE CLAIMS

The Australian Taxation Office (ATO) has announced that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work-related expenses.

From 2 July 2018, the Child Care Benefit and Child Care Rebate your family receives will change. One new Child Care Subsidy will replace the two current child care payments. The Child Care Subsidy will be paid directly to services.