July – 2014 Practice Update covers following points - - SuperStream starting 1 July for many employers - ATO's new Business Viability Assessment Tool - Project DO IT update - ATO Div.7A benchmark interest rate - ATO warning on 2013/14 work-related deductions - 2014/15 Luxury car tax (LCT) limit - ATO campaign warns of tax time scams - IGT – ATO debt collection - GIC and SIC rates for the 2014 September quarter Click here for – July 2014 Practice Update...
Note: This is a checklist, not advice. Expense claims are subject to limitations based on their character, timing, extent of attribution to rental activities and sufficient substantiation. *Some expense claims may typically be required to be spread over more than one tax year.
- Advertising for tenants
- Property management fees
- Bank fees paid on an account used for rental transactions
- Body corporate or strata fees paid
- Borrowing costs*
- Mortgage discharge costs
- Loan establishment fees*
- Capital allowances, decline in value, depreciation *
- Council rates
- Gardening maintenance
- Lawn mowing
- Tree pruning
- Pool cleaning
- Maintenance of grounds, buildings, contents
- Insurances including building, contents and landlords insurance
- Interest on loan(s) or credit cards used to purchase the property or to pay for anything directly associated with the property
- Land tax
- Legal fees – lease preparation
- Legal fees – debt collection, eviction etc
- (Legal fees associated with the property purchase – not deductible, but may form part of the cost for...
Concessional Contributions – the following concessional contribution caps apply in relation to the year ended 30 June 2014:
- $35,000 for those who were aged 59 years or over on 30 June 2013.
- $25,000 for those under 59 years.