April 2015 Practice Update

April – 2015 Practice Update covers following points
  • ATO super crackdown – child care, building, cleaning, pubs
  • Inappropriate loans from super funds
  • What's wrong with this type of arrangement?
  • ATO's audit targets
  • Contractor payments data matching program
  • Eligibility for net medical expenses tax offset
  • Property developers – be careful what you wish for, from the outset
Click here for – April 2015 Practice Update...

Considering purchasing an Investment Property?

3 potential benefits in owning an investment property.
  1. Consistent rental income
  2. Substantial tax benefits
  3. Capital growth
The main focus of this article will be to provide further detail on point two, which is to explain the numerous tax benefits of owning an investment property. Tax benefits relate to the ability to claim various deductions. Examples of the 2 major claims for rental properties are depreciation and loan interest. Examples of other deductions include property management fees, repairs, council rates etc. Depreciation on investment properties There are 2 types of depreciation that can be claimed on the property.
  1. The structural elements of a building:
    1. Roofs
    2. Windows
    3. Fences
    4. Flooring
  2. The mechanical or removable plant & equipment assets within the property:
    1.  Carpets
    2. Hot water systems
    3. Air conditioners
    4. Blinds.
The standard depreciation rate for capital works that relate specifically to the structure of the property is set at 2.5% p.a of the construction costs, which...

March 2015 Practice Update

March – 2015 Practice Update covers following points
  • Small business company tax cut to go ahead
  • Deductibility of a 'working with children check'
  • Time limits for family assistance payments
  • ATO update regarding the 'Director Penalty Regime'
  • 'Single Touch Payroll' on the horizon
  • Pension deeming rates to be lowered
Click here for – March 2015 Practice Update...
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