How does listing my home on Airbnb affect my tax?

(08/03/2019) Millions of Australians are now using the “sharing” economy to earn some extra money on the side. Thanks to smartphones and user-friendly apps, people can easily access sharing services like ride sharing, accommodation sharing and pet minding. The...

Government extends the instant asset write-off

(22/02/2019) The extension of the instant asset write-off for a further year is great news for small businesses who may be planning to purchase assets for use in their business in the near future. The key is for businesses to ensure the asset will be used in their...

LRBA changes may hinder SMSF gearing

(18/01/2019) Many SMSFs have used a “limited recourse borrowing arrangement” (LRBA) as part of a gearing strategy to build members’ retirement savings, allowing the funds to borrow to buy high-value growth assets, typically real estate. However, proposed new laws that...

Three common CGT obstacles for homeowners

(22/03/2019) Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex and contain many traps. Here we highlight three common scenarios in which a homeowner may face some CGT...

Greater flexibility for accessing company losses

(15/02/2019) The government plans to give companies greater access to prior year tax losses in a bid to stimulate business innovation. A new alternative to the “same business test” – the “similar business test” – will make it easier for companies that have experienced...