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Tax Agent Services Act Changes – Q & A

At the date of this article some significant changes have recently been made to the Tax Agent Services Act (TASA).  The Tax Practitioners Board (TPB) has also released two draft information papers in relation to these changes.  These are TPB(I) D51/2023 and TPB(I) D52/2023.   Further, there are proposed amendments to the laws governing tax […]

Small Business CGT Concessions – Active Asset

To obtain the benefit of the small business CGT concessions (“the SB concessions”) an “active asset” must be disposed of.  Among other things, if an asset has been owned for 15 years or less, the asset must be an active asset for at least half of a specified period.  If the asset is owned for […]

Converting your home to a rental property – depreciation issue

The occasion may arise where you decide to rent out the home that you have been living in.  For example, you might be going to travel overseas for a time, or your employer might transfer you to an interstate location.  You don’t want to sell your home, so you rent it out.  Alternatively, you might […]

Warning about using the revised fixed-rate method for WFH deductions

Since the impact of COVID-19, millions of Australians are working from home.  This means that all these people want to claim a tax deduction for working from home expenses.   The ATO now accepts two methods for claiming for WFH deductions.    The first is the actual expenses method.  This is where you keep all […]

Important Tax Agent Services Act Changes

Important changes have been made to the Tax Agents Services Act 2009 (“TASA”).  Every tax and BAS agent (“tax practitioner”) must know what these changes entail.  The changes affect the people tax practitioners employ and the processes they undertake in relation to employment.  Significantly, the changes also affect who tax practitioners engage with to provide […]