Please download our newsletter via this link: EFA Tax and Super Newsletter-August-2016.
Featured in this month’s issue:
- Are you thinking about a tree change? Some hobby farms become viable businesses, and there are tax issues to consider early on. Many of our arts business clients will already be familiar with the ‘carrying on a business’ indicators, income averaging and non-commercial losses rules that also apply to primary producers.
- Are you hosting your home on Airbnb or renting to flatmates? The payments you receive are assessable for tax, and there are capital gains tax implications. This is an issue if you own the property, but not if you’re a renter.
- Five sensible things to do with your tax refund: Some of us have better ideas… like taking a very important holiday! But if you have a HECS/HELP debt and want to pay it off, make sure you do it by December to get 5% off before the up-front payment discount is scrapped. (and pay it before lodging your tax return)
- Do you volunteer your services? A gift of services (giving your time) to a charity is not deductible. Expenses incurred by volunteers aren’t either. However, in some circumstances, you could be up for tax on income if they pay you.
All of the information in this newsletter is general in nature, and is not to be taken as formal advice from us. If you have any questions, please don’t hesitate to contact us!