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Question: CGT – Main Residence

Question: We purchased our Darwin residence in October 1988 and lived there until February 2002. We purchased a Queensland home in October 2001 and initially rented it out. From February 2002 until October 2002 we travelled around Australia and then moved into the Queensland home. Then in October 2003 we sold that Queensland home and purchased another. Our accountants have determined that we were liable for CGT on that Queensland home from the date of purchase until occupancy. We believed we were entitled to exemption because it was intended to be our main residence from purchase. We have heard that it […]

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Save Tax: Travelling Expenses

If you have to travel for business or work related purposes you can claim air fares, bus, train, tram and taxi fares, car hire, meals, accommodation and incidental expenses. Whilst travel between home and work cannot generally be claimed, you can claim the cost of travelling between two jobs or between home and work where you have to transport bulky tools or equipment. If you operate your business from home you can claim travel as part of the work. Tradesmen can claim the costs of travelling to clients whilst itinerant workers can claim deductions if they have to travel to […]

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Marriage split: Husband’s income details go to ATO

The full bench of the Family Court has ordered that documents sought in an audit of the husband’s tax affairs for the income years from 1991 to 2010 be handed over to the Tax Office, where the couple had a settlement matter before the Court.  The decision was made in April this year and the full bench overturned an earlier 2013 decision made by a single Family Court judge who originally said the ATO could not use the Court documents. Mr Darling and his wife had a settlement matter before the Family Court when the Tax Office commenced the audit […]

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Question: GST – Exports

Question: We are a GST registered company as is our customer. We provide positioning services to our customers. A particular customer claims that the services provided are used in Papua New Guinea instead of Australia. This company is a GST registered company in Australia. Is GST applicable or will it be considered as GST-free supplies? Answer: Under section 38-190 of the GST Act, a supply of services is GST-free if it is made to a non-resident who is not in Australia when the item is supplied, provided: The supply is neither a supply of work physically performed on goods situated in […]

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Many changes in the wind

With the election of the Liberal/National Party Coalition to form a new Government, we can look forward to a number of significant changes to our taxation laws. Firstly, we have the big ticket items of getting rid of the Mining Tax and the Carbon Tax and cancelling the proposed abolition of the Statutory Method for determining Fringe Benefits Tax on motor vehicles.  This latter measure which was brought in without consultation was on the way to destroying salary packaging advisory businesses and creating considerable harm to the motor vehicle industry. To make some savings to help pay for all of […]

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Save Tax: relocation costs

Expenses paid by an employer to meet or reimburse relocation costs of an employee who is required to relocate for work purposes, are exempt from FBT.  This includes incidental purchase costs including legal and stamp duty for the purchase of a new dwelling by the employee and selling costs for the sale of an existing dwelling.  The old home must be sold within two years of the relocation and the new home must be purchased within four years.

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Question: travelling expenses

Question:  We understand that if you are an employee required to travel for work-related purposes and in receipt of a travel allowance from your employer, you can claim deductions for expenses incurred. Is the travel allowance paid to the employee taxed?  If not, why would you then be able to claim a tax deduction as well? Answer:  Allowances are generally taxed. If you receive a travel allowance from your employer, the amount should be included in your tax return and you should then claim deductions for expenses incurred. If the employer pays a travel allowance within rates set out in […]

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