by Financially Sorted | Jan 31, 2025 | ATO, Property Investment, Tax & Accounting, Tax Returns
Records of around 2.2 million landlords, tenants and property managers will be used to track down underreported income by the ATO. The ATO is ramping up its scrutiny into millions of landlords’ tax affairs to catch those who fail to lodge income tax returns and who...
by Financially Sorted | Sep 24, 2024 | ATO, Tax & Accounting, Tax Returns
Do you currently own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in your tax returns matches up. The ATO has initiated two data matching programs impacting...
by Financially Sorted | Sep 24, 2024 | ATO, Tax & Accounting, Tax Returns
Generally, a gift of money or assets from an individual is not taxed if the gift is given voluntarily, and nothing is expected in return. However, there are some circumstances where taxes may apply. Gifts from a foreign trust If you are a tax resident of Australia and...
by Financially Sorted | Jul 30, 2024 | Business, Economy, Finance, Interest Rates, Land Tax, Superannuation, Tax & Accounting, Tax Returns
Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the...
by Financially Sorted | May 30, 2024 | ATO, EOFY, Property Investment, Tax Returns
The Australian Taxation Office (ATO) are looking closely at expenses related to rental property including interest apportionment for private expenditure, depreciation for initial repairs and other capital deductions, and borrowing expenses. Avoiding these common...
by Financially Sorted | Oct 1, 2023 | SMSF, Superannuation, Tax Returns
Are you looking for ways to increase your retirement savings and reduce your tax? If so then, you are in luck. There are several ways you can contribute to your super, depending on your personal circumstances. Here is one way you can grow your super and access tax...