Rental Property deductions

The Tax Office has identified common mistakes made by people declaring rental income and claiming deductions. In their returns for the 2004 tax year almost 1.5 million taxpayers declared rental income with 250,000 of these claiming deductions for the first time. Advice for first-timers For tax purposes there are two categories of rental property expenses…

Read More

What new in the 2006 tax return – Part 2

Superannuation contributions splitting If a person makes a personal contribution to their own super fund and splits part of that contribution to their spouse’s super account, it is important to remember they cannot claim the superannuation spouse contributions tax offset for this contribution. However, if they make a contribution directly to their spouse’s account they…

Read More