From all the staff we wish our clients a safe and fun break over the next few weeks and look forward to what the new year brings. The office will be closed from 21 December and will re-open on 4th January 2019.
The Government is removing your ability to claim travel expenses related to your rental property, from 1 July 2017. So, until 30 June 2017 you have a final chance to claim these type of travel expenses. If you have plans to travel to your rental property in the next 12... read more →
There are a few changes that haven’t had much media attention, but will increase the tax you pay. Please read on. PROPERTY INVESTORS No longer able to claim deductions for depreciation of items that you don’t actually pay for. Previously you could claim depreciation for the value of items included... read more →
Please let us know if you cannot meet that date an we may be able to arrange additional time to lodge.
The distinction between being a Share Trader and Share Investor for tax purposes can have significant tax implications and has always been a grey area. A recent case before the Administrative Appeals Tribunal (Devi AATA 67) demonstrates that it is the overall weighting of evidence that will ultimately determine your status... read more →
Did you know that you can get your tax refund before the end of the financial year? You can improve your cash-flow without having to wait until your tax refund comes in to get your investment property tax savings. It’s as simple as lodging an Income Tax Variation with the... read more →
Centrelink reminds us that you must lodge your 2015 income tax return by 30 June 2016 to retain eligibility to your Family Assistance for the 2015 Financial Year. Family Assistance includes Family Tax Benefit Part A and B, Family Tax Benefit Supplement, Child Care Benefit and Single Income Family Supplement and... read more →
We'll see what eventually passes into law, but in the meantime this is what Malcolm and Scott are proposing; Effective Budget Night – 7.30pm (AEST) 3 May 2016 A lifetime cap of $500,000 for un-deducted (non-concessional) contributions into your super fund. This includes all non-concessional contributions made since 1 July... read more →
I often have clients ask about how they should best save for their child's future, whether that be for higher education, a car, house, or investment. The tax laws severely punish passive income for under 18's by taxing the income at between 47% to 68% for any income above $416 per... read more →
There is a smart strategy available to both reduce your tax and boost your Superannuation if you are between 55 and 60 and still working. By taking a ‘Transition to Retirement Pension (TRP)’ you will be drawing down an amount of superannuation which is taxable, but by salary sacrificing or... read more →