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Main residence exemption myths and misconceptions

The surge in the residential property market continues to attract buyers and sellers, many involving the family home. This article considers the common myths and misconceptions when it comes to being eligible for the main residence exemption.

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Company Director? You’ll need a Director Identification Number

Company Director? You’ll need a Director Identification Number The government has initiated a new system that attaches a unique identifying number to an individual who is a company director. If

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Unused Super Contributions

The carry-forward rules are often overlooked by eligible individuals who do not use the full amount of their concessional contributions (CCs) cap in a particular financial year.

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Business valuations: Tips, tricks and traps

Business valuation is often described as a dark art. Indeed, get three different valuers to value the same asset and you will likely end up with three very different results. But this doesn’t need to be the case.

 

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Hardship priority processing of tax refunds

If your business is experiencing financial difficulties from the many lockdowns, the Australian Taxation Office (ATO) may be able to help by processing the tax return faster, if you are due a refund. 

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Working from home during a COVID-19 lockdown: Can you claim a tax deduction for rent?

The ATO has long held firm on the principle that rent payments (being a form of occupancy costs) are generally outgoings “of a private or domestic nature” and therefore not deductible, even where part of the rented home is used as a home office. However, it has been accepted that in some circumstances, a rent deduction may be claimed if a part of the home is used exclusively for income-producing activities and there is no alternative place of business provided by the taxpayer’s employer.

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Recontributions of COVID-19 early released super

Under the COVID-19 early release measures, individuals could apply to have up to $10,000 of their super released during the 2019–2020 financial year and another $10,000 released between 1 July and 31 December 2020. 

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