Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications.
Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a sale value of $750,000 or more is affected.
It is that time of the year – yep…tax time.
Whilst many of us put off the inevitable, we thought it would be worthwhile pointing out a few things that you should consider when preparing your information for your accountant at tax time:
Taxation can be a major cost to you and/or your business. To make your life easier we have provided the following checklists that you can download. For individuals, download and complete the various fields; for businesses, this is a reminder checklist so you can be sure to be organised!
Small business tax write-off measures that were introduced in a previous Federal Budget allowing small businesses with a turnover up to $2million to immediately deduct assets of up to $20,000 per item, instead of having to claim deductions over a number of years has been proposed to be extended until 30 June 2018.
The 2017 Federal Budget was handed down in Canberra on Tuesday night (9 May) and as always, opinions are mixed about what it means for Australia.
Planning to start a small business in 2017? Take note!
From 19 January 19 2017, newly registered small businesses will be provided with the option to report less GST information on a simpler BAS.
The wide ranging superannuation reforms originally announced in the 2016-17 Federal Budget have passed Parliament.
As the majority of the reforms start from 1 July 2017, it’s important to consider how these might impact on you and whether you need to take any action before then.
Do you have a real understanding of what it means to be a company officeholder? How do you stay compliant, or make sure your company details are up to date and that you’re paying your annual statement on time.
The sly, underhanded activities Australia’s illegal phoenix and tax avoidance schemes are being exposed and systematically shut down by a new alliance that involves the Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC).
Let’s face it, thinking and talking about death and what happens there after can be a pretty morbid affair…but what if you don’t?
It’s tax time…..and we all know what that means! Yes, it’s time to get the shoebox out, sort the receipts and get organised for your dreaded tax return.
But the start of a new financial year also tends to bring another issue altogether….scammers who are keen to cash in on peoples confusion and lack of time when it comes to filing their return.
On 13 May 2013 the Federal government announced that it would introduce a 10% withholding tax on payments made to foreign residents who dispose of certain taxable Australian property. Do you know what this means and does it affect you?
Please be aware that if you have created a MyGov account and linked it to MyTax, the Australian Taxation Office (ATO) has advised that any assessments or other important information will be delivered to your MyGov inbox and not directly to us as it has been in the past.
Cloud computing has become a $100+ billion industry across the globe. For users it is easy to access and easy to use because for users on a desktop computer or handheld device, the cloud provides instant access to data anytime, anywhere there is an Internet connection.
So…you are thinking about getting into the property investment market, but you haven’t quite worked out what the strategy is. Everyone else is doing it so maybe I should. There are a lot of people that spruik rental property purchases but they focus heavily on the tax benefits. Is that a good reason to buy or is there something else? What does negative gearing mean and why has there been so much talk in the media about it.
If you work in a particular trade that involves manual labour then you are undoubtedly a tradie…or trades person.
Any financial outlay that you have in order to be able to carry out your job is classed as an expense. Tradies have many costs in doing their business, including transport, tools and safety or particular types of clothing.
Given recent ups and downs in the share market, Self Managed Super Funds (SMSF's) have become a hot topic once again. SMSFs allow you to control your Super input and investments more than an Industry Super Fund would. However, it's important to know a little bit more about them before you decide to take the leap.
The thought of the Australian Tax Office (ATO) sharing up to 50% of any gain you make on an investment decision is enough to strike fear into the hearts of most people. Given Australia’s love affair with property, it is little wonder that we are often asked about the impact of capital gains tax (CGT) on property. This month, we explore the most frequently asked questions.