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New ATO Draft Ruling Changes the Scene for Employees Claiming Travel Expenses

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 ‘travel expenses’ separately Transport expenses (travel by airline, train, car, bus or other vehicle) Accommodation, meal and incidental expenses of an employee when they travel away from home Where an employer provides or rei

Capital Gains Tax (CGT), GST and Income tax implications of subdividing or splitting the family resi

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 the other as the main residence to continue to live in. Points to note The Four Year Rule would apply to the second residence that is intended to become the principle residence – *please see note below. If the second resid

3, 2, 1...Xero

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. The beauty of using Xero to manage your business is that we can automate as much of the process as possible to minimise both your time and effort. At WD Nicholls Chartered Accountants, we offer Xero set up, training and

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Update Saturday 26 September

Update Friday 4 September

Update Tuesday 11 August

New ATO Draft Ruling Changes the Scene for Employees Claiming Travel Expenses

Capital Gains Tax (CGT), GST and Income tax implications of subdividing or splitting the family resi

3, 2, 1...Xero

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