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…
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…
The majority of taxpayers use their personal vehicles for work purposes but are you getting the most from a tax perspective when claiming deductions? Outlined below are two points to help maximize your claim. 1- Know the methods for claiming motor vehicle deductions and find out which one best suits you: The ATO currently allows…
June – 2014 Practice Update covers following points – – ATO’s Tax Amnesty – They offer an “Invitation to come in from the cold” – Family Court documents opened up to Tax Office – ATO keen for taxpayers to avoid tax-related scams – Repairs to a rental property formerly used as a home – Gov’t to effectively get rid of…
2013/14 Individual Tax Return Checklist – Common work-related claims made by individuals – Depreciable plant, etc, costing $300 or less – Clothing expenses – Self education expenses – Other work-related expenses 2013/14 Year-End Checklists for Business – Maximising deductions for non-SBE taxpayers – Prepayment strategies – non-SBE – Accelerating expenditure – non-SBE – Accrued expenditure – non-SBE – Maximising…
Australian residential property has always been popular for overseas investors looking for return and stability. To arrange the purchase of Australian residential property is not difficult, as long as you rely upon appropriate professional advice at different points in the process. It is absolutely necessary that you do meet the Foreign Investment Review Board (FIRB)…
May – 2014 Practice Update covers following points – – Tax amnesty for overseas tax dodgers – Project ‘DO IT’ – ATO takes over Super Clearing House – ATO data matching projects – Tax Commissioner’s proposed ‘remedial power’ – Federal Court overturns AAT excess contributions decision – ATO’s new initiative to resolve tax disputes Click here for –…
Buying a business requires a lot of probing and you have to ensure that the company’s affairs are in perfect order before the purchase is finalised. For this purpose, a business due diligence is normally performed 60 to 90 days prior to settlement. A business due diligence is underway once a prospective buyer and the…
April – 2014 Practice Update covers following points – – Change in the FBT rate – 2014/15 – Small business panel to boost ATO’s expertise – GIC and SIC rates for June 2014 quarter – Why we must all exercise great care with super at year end – SMSF trustees may soon be fined for breaches by their…
The Financial year end is still a few months away, however the Fringe Benefits tax year is upon us once again! We would like to use this opportunity to evaluate your options and plan to maximise any tax benefits available as well as to complete your FBT compliance requirements. Please provide us with the information…
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