Instant Asset Write Off
Instant Asset Write Off- 2019 – 2020 The Federal Budget 2019 announced to give medium-sized businesses (turnover greater than $10M but less than $50M) the ability to immediately deduct […]
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Accounting & Tax
Single Touch Payroll
Single Touch Payroll Single Touch Payroll (STP) is a new way of reporting to the ATO tax and super information that you pay for your employees. This will be effective
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Do you need to consider making Spouse Super Contributions?
Spouse Super Contributions A spouse contribution involves making a contribution to a spouse’s super fund to build their retirement savings. By contributing to your spouse’s super, you can receive a
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Small Businesses – How to Maximise Your Deductions
Ways to maximise the deductions available for small businesses
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ATO on the warpath in 2018 financial year
The ATO has devoted substantial funds to extra audit activity in the 2018 financial year. Areas being targeted are..
ATO on the warpath in 2018 financial year Read More »
Property investors – Things to consider when claiming depreciation
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
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Proposed changes to Residential Property legislation
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
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Trend sees home Owners becoming Investors
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.
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RAJS TAX TIPS Oct 2017
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.
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