News

Annual vacancy fee for foreign residential property owners

At the end of 2017, an annual fee was introduced for dwellings owned by non-residents of Australia. The measure is part of the government’s housing affordability plan, and is also a financial incentive for foreign owners to make their dwelling available for rent and increase available housing in Australia.Under the…

Are Default Beneficiaries a Necessary Evil?

Taking a blanket approach is not a good ideaIt has become common practice for many practitioners to take a blanket approach to default beneficiaries when establishing trusts. While there may be benefits in having default beneficiaries, we recommend determining their appropriateness and identify on a case-by-case basis.A default beneficiary in…

Let a GST credit slip through the cracks?

Most small business owners stay on top of their GST refunds, mainly because of cash flow concerns, but it’s not all that uncommon to now and then lose track of a credit. What quite a few small business owners may not know is that you have four years to claim…

Your claim for a business tax loss can be denied

Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses — there are circumstances where the ATO is legitimately able to deny such claims.The ATO has…