The ATO is cracking down on individuals who are over-claiming work-related expenses. The Tax Office is reminding individuals that they can only claim a work-related deduction if: • they have spent the money themselves and were not reimbursed • it
While there have been no tax cuts for individuals in the Budget, the Government has introduced concessions in several areas addressing the cost of living. Downsizing retirees From 1 July 2018, Australians over the age of 65 can contribute the
30th June is fast approaching – here are some things to consider which may assist in reducing your tax bill. Small Business Consider whether any necessary equipment purchases should be brought forward or delayed
We are now taking appointments for 2017 tax return preparation. Give us a call on 08 8339 4950 and we will book you in! Our fee to prepare a basic employee tax return is $150, which includes a review of
Negative gearing is a common tax strategy used by property investors to offset the costs of owning a property against assessable income. The strategy is arguably one of the most generous tax breaks available to Australian property investors. It allows
The Government has taken a two-prong approach in this year’s Federal Budget to stimulate growth in the economy by providing targeted spending and business incentives. Regional infrastructure A key feature of this year’s Budget is the commitment to investing in
BAS / IAS Returns 31st March, 2017 Just a reminder that we are at the end of the March quarter BAS. We would appreciate if you could collate and send your data / update your files as soon as possible
The ATO is targeting individuals (at, or approaching, retirement age) purporting to divert personal services income to a SMSF to minimise or avoid income tax obligations. A person earns personal services income (PSI) when 50 per cent of their income
The Australian Taxation Office (ATO) has issued a ruling that clarifies the circumstances in which a deduction for bad debts is allowable. Under section 63 of the Act, to obtain a bad debt deduction a debt must exist before
The disposal of a depreciating asset may incur capital gains tax (CGT) if the asset has been used for a non-taxable purpose (i.e. private purposes). However, there are a number of CGT exemptions that may apply to a capital gain
