All of the latest tax news, views and clues for November 2024.
This Alert addresses:
- Do you rent out your holiday home? – If your holiday home is rented out, the rental income you receive is taxable, and you can claim expenses for the property to the extent they’re incurred in earning that rental income.
- Is your business BAS-ready? – Now is a great time to make sure your business is ready to meet upcoming business activity statement due dates.
- ATO data-matching: “lifestyle” assets and your business – The ATO has announced or extended a number of data-matching programs recently, including the lifestyle asset data-matching program.
- Superannuation on paid parental leave from 1 July 2025 – Super payment on paid parental leave aims to reduce the impact that career breaks to care for young children have on super balances, and to improve equity in the super system. The relevant legislation has now been passed.
- Salary sacrifice and your super – Salary sacrificing to make additional contributions to your super fund can help grow your super balance for a better financial position at retirement.
- Exploring compassionate early release of super – Superannuation is designed to provide for your retirement, but there are limited circumstances where you can access your super early on compassionate grounds.
Important: This is not advice. Clients should not act solely on the basis of the material contained in this Tax Alert. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. The Tax Alert is issued as a helpful guide to clients and for their private information. Articles in the Tax Alert are not to be republished or reproduced for further distribution without requesting permission from HLB Mann Judd. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.