Common traps at tax time
With tax time creeping up preparation is essential, particularly if you want to minimise your tax bill. Having everything in order this tax time will help prevent falling into common tax traps that could see you or your business losing money. Avoid these mistakes to prevent any nasty surprises:
Taxpayers can apply to the ATO for a market value ruling
National Tax & Accountants’ Association Ltd Editor: The ATO has issued an information sheet for practitioners to help their clients get their property valuations right.
Holiday rentals under the microscope
National Tax & Accountants’ Association Ltd The ATO has advised that it is sending letters to taxpayers in approximately 500 postcodes across Australia, reminding them to only claim the deductions they are entitled to, for the periods a holiday home is rented out, or is genuinely available for rent.
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