Are you aware of the land owner tax deduction changes?
Have you purchased vacant land with the intent on building an investment property? If so, there have been some tax deduction changes for land owners that aren’t necessarily for the better.
Do you have a succession plan for your family business? Did you know that in Australia more than 70% of businesses are family owned? Starting a family business requires years of hard work and consistency. Often one of the least thought about parts of the process is the decision as to who will carry on the work. Who will take over the family business and exert the same level of dedication as you once did?
The ATO is warning the community about a new SMS scam which promises an 8% bonus on 2020 tax returns to victims of recent natural disasters.
The scam text message says: “Due to natural disasters, Australians are entitled to an 8% bonus on their tax return. Please begin the process by filling out the form below. Link: https://my.gov.verification-digital.com.”
Editor: In an indication of the far-reaching changes that Single Touch Payroll (‘STP’) will be bringing, Treasury has recently finished consulting on draft legislation that expands the data that may be collected through STP by the ATO (as announced in the 2019/20 Budget).