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Taxation

Super Concessions For First Home Savers And Downsizers

Super Concessions For First Home Savers And Downsizers

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.

What everyone selling a property valued at $750k or more needs to know

What everyone selling a property valued at $750k or more needs to know

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.

Things to think about this tax time

Things to think about this tax time

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:

It's tax time - check out our taxation check lists to make life easier!

It's tax time - check out our taxation check lists to make life easier!

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!

Tax write offs for small business explained

Tax write offs for small business explained

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 proposed increase to small business tax offset

The proposed increase to small business tax offset

You may or may not be aware that the Government announced in the 2016-17 Federal Budget that the small business tax offset rate would incrementally increase from 5% to 16% over a 10 year period.

New options for Small Business GST Reporting

New options for Small Business GST Reporting

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.

Superannuation reform and its impact on you

Superannuation reform and its impact on you

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.

Beware! If the ATO or the Sheriff calls you....it is probably a scam!

Beware! If the ATO or the Sheriff calls you....it is probably a scam!

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.

Foreign Resident Capital Gains Tax Withholding Payments

Foreign Resident Capital Gains Tax Withholding Payments

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?

The MyGov Portal and ATO Correspondence

The MyGov Portal and ATO Correspondence

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 and cyber security

Cloud computing and cyber security

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.

Should you really buy a rental property?

Should you really buy a rental property?

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.

Are you a tradie? Here's some tips about what you can claim as tax deductions

Are you a tradie? Here's some tips about what you can claim as tax deductions

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.

Self-Managed Super Funds: Should you make the switch?

Self-Managed Super Funds: Should you make the switch?

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.

Capital gains & property: The top questions and answers

Capital gains & property: The top questions and answers

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.