Insights on Tax
Follow what Cliftons have to say on the changing landscape of tax law and application.
Negative gearing, the tax benefit of having more deductions that income on an investment (generally property), has been around for a long time but has also been in the cross-hairs to feel the axe of tax reform for a while too.
The latest swipe has come from the Murray Review of the Financial System.
Whats it all mean?
One of the complaints I get from clients is that everything they do is taxed by the government. They go to work and loose a good percentage in tax. Put money in the bank and your interest is taxed. Buy and sell an investment property and the gain on sale is taxed!
Negative gearing in the rental property market is very popular with such a broad range of Australians.
From those starting out in the property market to mums and dads, it seems so many people think generating a tax loss from having a property is a great idea.
But is it really??
Its the start of a new financial year, and that means new attacks by the ATO.
This is a tongue in cheek, simplified explanation of our regressive tax system operating in an environment of increasing government handouts
Employee or Contractor - the ongoing debate that is had virtually daily in the building industry.
Lets face it - the ATO and the government don’t like individual contractors.
It seems that dodgy developers and builders have ruined it for all.
And as such the way GST on construction is dealt with is changing.
Developers and builders are likely to experience tougher days ahead as cash flow starts to get tougher, with new GST laws to start on 1 July 2018 and a weakening confidence in the property sector.
The landscape of business software has changed dramatically in the last 3-5 years.
Online, cloud, collaborative are all terms used. Business is no longer about a big file server and everything being on site.
And there’s plenty of providers wanting your business.