As from the 1st July 2013 the Australian Taxation Office will no longer be issuing income tax refunds as a cheque, instead, the refunds will be electronically transferred directly to your Australian bank account. So when you visit your Registered Tax Agent or complete your return online you will need to makeRead More →

You have just spent a relaxing time with your family in your favourite holiday destination, and you are thinking, wow this would be an ideal place to purchase a holiday home for future vacations and as an investment for retirement. To offset the expenses of running your holiday home, your plan is to have the holiday home available for rent for most of the year and use the home for your holidays for some of the year.

How does the Australian Taxation Office deal with a situation like this, do they allow you to claim any deductions against the holiday home rental income?

The Australian Taxation Office replaced its software in January, and because of this any tax returns lodged were not going to be processed till February 1st. I contacted the ATO on Monday and was informed that the software update didn’t go as planned and that instead of the 1st beingRead More →