News

CoreLogic Best of the Best 2020

CoreLogic Best of the Best 2020

February 16, 2021

2020 in review and what 2021 might have in store ITC has put together some highlights from the ‘Best of the Best 2020’ report compiled by Core Logic, the leading property information, analytics and services provider worldwide, to help our clients identify opportunities and mitigate risk in the NSW market in the new COVID era.…

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lady gardening in greenhouse

JobMaker hiring credit: What you need to know

February 4, 2021

The JobMaker Hiring Credit scheme was passed into law in mid- November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 on the labour…

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ipad pencil hand

Single Touch Payroll – When your reporting can cease

February 4, 2021

A business may no longer be required to lodge single touch payroll (STP) reports for a number of reasons. These are if your business no longer has employees, has ceased trading, has changed structure, is not paying employees for the rest of the year, or has paused due to COVID-19. Depending on your business’s situation…

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green car roof

Getting a tax valuation from the ATO

February 4, 2021

Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value (and therefore the tax that applies to it) may need to be determined. Many tax laws require the taxpayer to determine the market value of something. Common instances include: for individuals – transfers of real…

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bushfire sunset

Natural disasters and help with your tax

February 4, 2021

Now that we are into bushfire season, and with flooding events having already occurred, it is perhaps timely to be reminded that as well as the more obvious immediate devastation inflicted on people’s property, destructive events such as fires or floods can also mean loss of income for the affected people. This can come about…

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A run down of the new loss carry back measure

A run-down of the new loss carry back measure

December 2, 2020

The last Federal Budget carried with it a number of tax changes that were designed to assist the Australian economy recover from the impact of the COVID-19 pandemic. Among the changes announced was the temporary re-introduction of the loss carry back rules for corporate tax entities (it was previously briefly in force for 2012-13). The…

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ATO takes aim at you scratch my back auditing arrangements

ATO takes aim at ‘you-scratch-my-back’ auditing arrangements

December 2, 2020

It has long been an accepted standard that the auditor of an SMSF needs to be independent of that fund, and be a third party entity to the SMSF. This requirement is written into the relevant legislation. There have of course been breaches of this requirement, and instances where auditors and/or fund trustees have suffered…

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Calling time out on your business

Calling time out on your business? Some essentials you’ll need to know

December 2, 2020

When you first went into business, either buying an established enterprise or starting from scratch, probably the last thing on your mind was the day you would close the door for the last time. In a way, a business ending is inevitable, whether through the outcomes of COVID-19, retirement, health or, in another scenario, pursuing…

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Goal posts moved on vacant land and active assets

Small business CGT concessions: Goal posts moved on vacant land and active assets

December 2, 2020

Businesses wanting to claim CGT concessions for active assets may find hope in a recent Full Federal Court decision on a long-contested vacant land case. In 2007, the Administrative Appeals Tribunal (AAT) ruled that vacant land on which two shipping containers had been placed for storing business records did not qualify as an “active asset”…

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Claiming interest expenses for rental properties

Claiming interest expenses for rental properties

December 2, 2020

Interest is a common deduction claimed by taxpayers. Generally, interest is seen as being inherently deductible where it is incurred in gaining or producing assessable income. An established factor from court cases is that the deductibility of interest depends on the purpose of and use of borrowing the principal. Interest expenses will not be deductible…

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