July – 2014 Practice Update

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...

Rental Property Expenses Schedule

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 *
  • Cleaning
  • 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...

Last minute moves to minimize your tax and boost your super

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.
*Note that employer super guarantee contributions are included in these caps. Keep in mind where a contribution is made that exceeds these limits; the excess is taxed at marginal rates. In order to claim the maximum tax deduction in the 2014 financial year, the super fund must receive the contribution by 30 June 2014. In other words the transaction should be made 2-3 days prior as the funds must be cleared. In 2014, the 30th of June is a Monday hence to be safe the transaction should be made on Wednesday the 25th of June. To quickly boost your super you could access...
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