What is a Clearance certificate? A clearance certificate is issued by the Australia Tax Office (ATO) to confirm that a seller is an Australian resident for tax purposes. When selling Australian real estate, it’s essential you provide this certificate to the buyer before settlement. Without this certificate, the purchaser is required by law to withhold
As an investment property owner, keeping up with your tax obligations can feel overwhelming — especially with recent changes to the ATO’s property management data-matching protocol. The ATO is now receiving more detailed information about your rental property, including rental income and expenses. With data coming from software providers, banks, rental bond authorities, and even
Accountants play an important role in assisting business owners with navigating complex processes. One such aspect demanding careful attention pertains to claiming deductions for depreciating assets. Let’s delve into the strategic timing for claiming deductions, the various types of depreciating assets, and the significance of maintaining precise records to optimise tax benefits. Strategic timing
Key instant asset write-off changes The instant asset write-off incentive is a tax-saving initiative introduced by the Australian Government. It allows eligible businesses to deduct the full cost of certain assets in the year they are purchased, rather than claiming the cost over a number of years. Recently, the Government has announced that it will
Structuring your home loan to get the best possible tax outcomes as a doctor is vital, considering the huge amounts you send to the tax man every year. At Walshs, we are specialists in not only securing market-leading home loans for doctors but in supporting your future wealth health. As such, we’ve created this handy
Selling your rental property is a great opportunity to unlock some personal equity. But don’t forget the taxman wants a slice of the cake. Capital gains tax (CGT) is liable for the profits on the sale of property, however the capital gains tax 6 year rule provides some exemptions which can be utilised to optimise
As a newly self-employed doctor, there are a significant number of considerations that need to be worked through, for example; registering for GST, managing practice obligations, managing tax liabilities and finding new patients. Often, growing wealth at this time can be difficult or become a low priority. When moving into private practice, you become self-employed
The Ruling On the 22nd of December, the QLD Office of State Revenue (QRO) issued a Public Ruling (Payroll Tax Ruling PTAQ000.6.1), which specifically deals with the application of payroll tax to medical centres. A link to this ruling can be found here. The intent of the ruling was to provide further guidance on the
With fuel prices on the rise, along with a global environmental awareness, the electric vehicle market in Australia has seen an exponential growth. For small business owners where business vehicles are a common asset with sizable deductions, it is important to know the differences between what can be claimed for a motor vehicle (MV) and
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