The ATO sheds some light on the tax impacts of natural disasters. It says that if you are affected by natural disasters, such as bushfires, floods or storms, there is generally no need to worry about your tax affairs right away.
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 where requirements may arise to obtain a tax valuation from the ATO.
Tax invoices are an essential element of Australia’s taxation system. And serve both to collect tax revenue related to the goods and services on which GST is levied as well as record the credits that are claimable by eligible businesses.
Did you know that if you take out a loan to purchase a rental property, you can claim
the interest charged on that loan, or a portion of the interest, as a deduction?
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