You can’t claim any of the following as borrowing expenses: the amount you borrow for the property loan balances for the property interest expenses (as these are claimed separately) repayments of principal against the loan balance stamp duty charged by your state or territory government on the transfer (purchase) of the property title (as this is a capital expense) legal […]
Learn whether you need to conduct a commercial or tax due diligence process when acquiring a business or entity. When acquiring a business or entity, consider whether to conduct a commercial or tax due diligence process to identify and manage all risks associated with your new investment. Document the tax due diligence undertaken for business acquisitions that exceed a certain […]
Check which rental income you must declare? You must declare all the income you receive for your rental property (including from overseas properties) in your tax return. These include: short-term rentals (for example, a holiday home) renting your property through a sharing platform (for example, AirBNB, HomeAway or Flipkey) renting part or all of your home (for example, renting out […]
If you receive or pay child support, you must lodge a tax return or complete a non-lodgment advice every year. If you don’t, you may get a child support debt or overpayment. Need help? Please contact Krystal Advisory at 0473144739 and email at admin@krystaladvisory.com.au.
From 1 July 2025, taxpayers will no longer be able to claim an income tax deduction for ATO interest charges. This law specifically denies deductions for both the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC). GIC and SIC incurred before 1 July 2025 are not impacted by these changes and remain deductible for the 2024-25 and earlier […]
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