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PRIVACY AND COOKIES NOTICE Last updated: 19 March 2019 ABOUT THIS PRIVACY AND COOKIES NOTICE The website https://www.wbgsa.com.au (the Site) is operated by Wakefield Business Group (“we”, “us”, “our”). Our […]
PRIVACY AND COOKIES NOTICE Last updated: 19 March 2019 ABOUT THIS PRIVACY AND COOKIES NOTICE The website https://www.wbgsa.com.au (the Site) is operated by Wakefield Business Group (“we”, “us”, “our”). Our […]
A great start up plan for a small business that includes all necessary tax obligations and preparations and an annual business & tax structure review of your business.
Starter Accounting Taxation Package Read More »
Tips to ensure no item is missed and to maximise their depreciation deductions:
1.Take note of the assets included in the above table
2.If you have a depreciation schedule and you own any of these assets, confirm with your Accountant that they are included in your schedule and your depreciation claim. If items have been missed, the Australian Taxation Office will allow you to go back and amend the previous two years of missed deductions
3.If you don’t have a depreciation schedule you should talk to a specialist Quantity Surveyor as soon as possible
4.Ensure your specialist Quantity Surveyor can outline the deductions available for assets which are eligible* to be written off immediately or added to the low-value pool
Property investors – Things to consider when claiming depreciation Read More »
Significant number of home owners are recognising the additional value of renting out their home rather than selling.The most common reason is usually due to the prospect of long term capital growth along with the opportunity to use equity to finance the next home and avoid selling costs.The Australian Taxation Office requires owners of investment properties to report any income they earn. They also allow owners of income producing properties to claim the expenses associated with the property.
Trend sees home Owners becoming Investors Read More »
Under proposed changes outlined in draft legislation (section 2 of Treasury Laws Amendment Bill 2017), investors who exchange contracts on a second hand residential property after 7:30pm on 9th May 2017 will no longer be able to claim depreciation on previously used plant and equipment assets. They can claim deductions on plant and equipment items they purchase and directly incur the expense. Investors who purchased prior to this date and those who purchase a brand new property will still be able to claim depreciation as they were previously. Investors should note that these changes are not yet law, as the legislation still needs to be passed through the senate for confirmation
Proposed changes to Residential Property legislation Read More »
Passive Investment Companies will not qualify for the Lower Income Tax offset.
Pay your Super on time.. Government is watching The Employers who does not pay on time.
Your Income must match your lifestyle expenses
You must keep detailed and proper records to justify your Income that is reported.
RAJS TAX TIPS Oct 2017 Read More »
Under proposed changes outlined in draft legislation (section 2 of Treasury Laws Amendment Bill 2017), investors who exchange contracts on a second hand residential property after 7:30pm on 9th May 2017 will no longer be able to claim depreciation on previously used plant and equipment assets. They can claim deductions on plant and equipment items they purchase and directly incur the expense. Investors who purchased prior to this date and those who purchase a brand new property will still be able to claim depreciation as they were previously. Investors should note that these changes are not yet law, as the legislation still needs to be passed through the senate for confirmation
Treasury Laws Amendment Bill to impact property Investors Read More »
Houses versus units ATO ruling makes common area claims less complex One question we’re often asked by investors is ‘will a house or a unit provide better depreciation deductions?’ This
Will a house or a unit provide optimal depreciation deductions? Read More »
Don’t be strapped for cash, scrap for cash Add value and increase deductions when renovating Australians have always had a passion for renovating property and recent predictions on renovation spending
How to add value and increase deductions when renovating Read More »
What attracts the ATO’s attention? Tax or business performance which is not similar to businesses in your industry Low transparency in tax affairs Large one off transactions or wealth
Raj’s Tax Tips & Federal budget 2017- Updates Read More »