Generally,when an asset changes ownership,a capital gains tax assessment is triggered. But there are exceptions.
The LNP has ramped up its rhetoric on economic management,including a pledge to upskill public servants – not sack them – to save money on consultants.
Doing the calculations on the cost of renting versus selling a property can be necessary so you don’t get slugged with surprise taxes.
Everyone seems to have an opinion on negative gearing,but the way the country taxes capital gains is costing a fortune and adding to house price pain.
Negative gearing is a totemic policy because of the way any attempt at reform can be turned into an assault on aspiration or a scare about a tax grab.
Figuring out how to make your money work harder for you can be challenging enough,let alone in a cost-of-living crisis.
You need to look for every tax deduction and defer any income you can,and take advice on your particular circumstances so you don’t overdo it.
Dodgy landlords making inflated claims for repairs and maintenance on their rental properties are firmly in the Australian Tax Office’s sights.
The retiring head of the tax office,Chris Jordan,says the organisation needs more powers as criminals attempt to fleece taxpayers and steal their identities.
The issue is a potential test for the government after it broke its election promise to keep stage 3 cuts in their original form,raising questions about other tax pledges.
Treasury forecasts show most workers will pay less tax over the next decade if the draft law is passed,but the opposition leader will continue to seek changes.