On 28 June 2017, the Australian Tax Office (ATO) released Draft Tax Ruling 2017/D6 which sets out the general principles for determining whether an employee can deduct travel expenses. This draft ruling provides the ATO’s interpretation of when an employee’s travel expenses, including transport and accommodation, are, or would otherwise be, deductible for income tax and fringe benefits tax (FBT) purposes. The Draft Ruling looks at the deductibility of two categories of ‘trave

Given the state of the property market in Australia these days, a common situation can arise where a residential property owner seeks to demolish an existing residence, subdivide and split the block containing the family home and build a mixture of properties thereafter. We will look at three typical scenarios and the tax implications of them: Scenario One Demolish the existing residence, subdivide the land, build two new properties. Sell one of the properties and retain th

Taking care of your business from the ground level using online Accounting Packages such as Xero often has Business Owners feeling anxious about their record keeping skills. We all have our strengths, and whilst one person is quite comfortable with new and improved ways of doing things, it can instil fear in another. As a Business Owner, there are many administrative processes that can’t be avoided, so finding the time to do it properly can become a strain on your resources.