So there are extra rooms that you don’t use and it’s just occurred to you that the extra cash that could come in from renting a room or two on Airbnb outweighs the negatives of having a complete stranger in your home – OK, what do you need to be aware of?
Good tax planning should involve the inclusion of a testamentary trust as part of the estate plan. There are some little known tax concessions which executors should be aware of when it comes to these trusts and your principle place of residence which I have explained below.
If you are running a business primarily in the building and construction industry and you make payments to contractors for building and construction services, you will need to lodge a Tax Payments Annual Report.
Thankfully, you can learn from my mistakes.
Here’s a couple of rules:
1. You must understand the business operations
2. Don’t bet the farm
It can often be difficult to know where exactly the tax office are going to be focusing their audits. As it is the start of a new financial year, I thought I would provide some insight into where the ATO will be pointing their guns in 2018/19.