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Welcome to our final Business & Tax Update for 2017. We take a light-hearted look at how Santa might fair under the Australian taxation laws, and for those wanting a bit more substance to ponder this holiday period, we take a look at the following topics:

  • Property Flipping - becoming more popular with the rise of reality TV shows that make the $$ look achievable to handy home owners, be aware there are tax traps you may fall into. Even if you use the home as your main residence during the make-over period, the tax office may disallow the "main residence" exemption on your hard earned gains when you sell. Read our update for more info...
  • Thinking of topping up your small business income by doing some Uber driving on the side over the busy Christmas period? If you are running a small business that is not registered for GST you will need to be mindful of your GST obligations! All Taxi and Uber Drivers need to be registered for GST, but did you know that this registration will then extend to all your small business income?
  • Great news for all credit card holders in time for your gift shopping! New rules came into effect on 1 September 2017 which prevent merchants from charging excessive credit card charges. Read further to ensure you are not caught over the Christmas and post Christmas sale period...

We wish all our clients a very Merry Christmas and Holiday Season. Stay safe on the roads and we look forward to working with you all again in 2018. Please note our office will be closed from 5.00 pm Wednesday 20 December 2017 and will reopen at 9.00 am on Monday 8 January 2018.

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