Selling a property will typically see things like stamp duty, land tax and other considerations ticked off the “to do” list, but there are some instances where GST will also have to be factored in. We run through the scenarios where this will arise.
Work-related deductions are the most common claimed, and the most popular of these are car expense claims. However as this is an area of tax law that is very regulated, good guidance is essential to stay on the right side of the taxman.
We also cast an eye over the changing FBT landscape, examine the outcome of a court case that could have far reaching implications for any business’s GST position, and find that there are some instances where a partnership can claim the interest on a loan. And finally we run through the new penalty regime for SMSFs that’s set to bite from July 1 this year.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)