Deductions for vacant land to be wound back

The government announced in May this year, as part of the 2018–19 federal budget, that it will decrease the scope of allowable deductions for expenses stemming from holding vacant land that is intended to be used for residential or commercial purposes. The measure will apply from 1 July 2019.

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Personal income tax cuts could boost economy

A large proportion of any cut in personal income tax β€” especially if the cuts were skewed towards lower and middle-income households with a higher propensity to spend β€” would likely provide a greater direct stimulus to the Australian economy than an equivalent cut in company tax.

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Ageing – Tax Reform News

Govt backbencher wants broad tax reform due to our ageing population 1:39pm Apr 9, 2018 from 9news.com.au A Turnbull government backbencher has joined calls for major tax reform with the country facing an ageing population. Liberal MP Tim Wilson believes there needs...

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Private use of exempt motor vehicles for FBT

Eligible Motor Vehicles by Employees The ATO have released a draft practical guideline on the private use of eligible motor vehicles by employees. Where private use of these vehicles by your employees is limited, some fringe benefits tax (FBT) car-related exemptions...

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Tax tips for Airbnb hosts

Airbnb is one of the most popular ways of making an income on the side. But what Airbnb tax impacts should you look out for? Airbnb offers a great opportunity to rent out that spare room without the long-term commitment. Or, it’s a handy way to lease a holiday home...

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