Blog

Director Penalty Notice

Posted by XO Accounting on Mar 23, 2020 9:26:00 AM

The Australian Government recently introduced new legislation in a bid to maintain its budget surplus.  It has extended its Director Penalty Notices (DPN) issued by the Australian Taxation Office (ATO) to also include unpaid taxes included in your BAS Returns such as Goods and Services Tax (GST), Luxury Car Tax (LCT) and Wine Equalisation Tax (WET).  These taxes join PAYG Withholding and Superannuation which are currently subject to DPN’s.

Read More

Topics: financial, GST, taxation, penalties, tax, management, financial planner, ATO

What Tax do I have to pay if I’m Selling a Property for Profit?

Posted by Bizink on Dec 7, 2010 5:34:42 AM

If you sell your family home and are lucky enough to make a good profit to help with the purchase of your next family home – don’t worry about it – if it’s all straight up and uncomplicated and the time factor is reasonable and you are doing what you say you are doing the IRD won’t be interested as the profits from the sale of a family home are generally not taxable. You will need to declare it on an IR3 – as an individual tax return and tell the IRD what you are doing and how all the figures are worked out.

Read More

Topics: Firm News, GST, investment property, rental property, xero, accounting, Blog, IRD, profit, property sale, property tax, tax, changes

Categories

see all