Blog

Understanding when income from professional services is derived: a guide for professionals

Posted by Andrew Millington
on September 11, 2024

In the world of professional services, understanding when income is recognised, or “derived,” for tax purposes is important. We are occasionally asked by professionals if it is possible to account for their income on a “cash basis”, as this generally [read more...]

Writing off bad debts for income tax and GST

Posted by Andrew Millington
on September 9, 2024

If you’re owed money and it seems unlikely you’ll ever get paid, you might be able to write off the debt to reduce your taxable income or claim back GST you’ve paid if you are on the invoice basis for [read more...]

Flying solo: starting out as a legal professional

Posted by Andrew Millington
on August 22, 2024

Starting your own business as a lawyer or legal professional can feel like a leap into the unknown, especially during times of low business confidence and challenging economic conditions. However, these times can also be a catalyst for pursuing new [read more...]

Airbnb & GST: detailed questions answered

Posted by Andrew Millington
on July 29, 2024

Dealing with GST compliance can be tricky for short-term accommodation providers, especially with recent legislative changes. As of 1 April 2024, the “app tax” mandates that GST be collected on all services offered through electronic marketplaces, such as Airbnb, regardless [read more...]

Calculating expenses for mixed-use residential properties

Posted by Helen Willis
on May 28, 2024

In residential property investment, a mixed-use asset refers to a property that serves both private and income-earning purposes, and is unused for 62 days or more during the tax year. This means the property is used personally by the owner [read more...]

Removal of commercial building depreciation from 1 April 2024

Posted by Andrew Millington
on May 27, 2024

Starting from the 2024-25 financial year, the tax depreciation rate for commercial and industrial buildings will revert to 0%. However tax deductions for depreciation on commercial fit-outs will still be applicable. Since 2010, there have been changes to the ability [read more...]

Airbnb investment: purchasing property personally vs. through an entity

Posted by Helen Willis
on May 17, 2024

Purchasing a property for short-term lets is a big financial decision. You need to consider the price, location, maintenance requirements, and the list goes on. Often a secondary consideration, the ownership structure of your property is also vitally important. Whether [read more...]

New trust tax rate: mitigating over-taxation

Posted by Andrew Millington
on March 23, 2024

As part of the Taxation (Annual Rates for 2023 – 24 Multinational Tax and Remedial Matters) Bill, the trust tax rate will increase from 33% to 39% from 1 April 2024. The new tax rate may be cause for concern [read more...]

Improving landscape for residential property investors: interest deductibility & bright-line rule changes

Posted by Helen Willis
on March 23, 2024

In recent times residential property investors have felt the weight of evolving tax policies and higher interest rates. However, with changes to interest deductibility and the bright-line rules in the coming financial year, there is appears to be a more [read more...]