June 2019 - What do your children and the $ 30,000 instant tax write off have in common?
by Danny D'Astolto on June 17th, 2019 -
Firstly let’s start with this fact.
It’ll come as no surprise that children get more expensive with age. AMP reported last year that the average cost of raising a child between the ages of 5-9 was estimated at $212 per week, rising to $244 per week for a 10-14 year old and $440 per week for a 15-17 year old.
March 2019 - Changes to deductions for payments to workers
by Danny D'Astolto on March 4th, 2019 -
From 1 July 2019, the rules for claiming deductions for payments to employees and contractors are changing. You can only claim deductions for payments made to employees and contractors where you have met the pay as you go (PAYG) withholding obligation for that payment.
February 2019 - Removal of excess Franking Credits - A tax grab and nothing less
by Danny D'Astolto on February 12th, 2019 -
Several months ago we wrote a piece on Labor's plans to remove the refunding of excess franking credits of all taxpayers, including superfunds. We said back then that the policy was flawed and merely a tax grab.
April 2018 - Labor, Shorten & Franking credits – who really loses out
by Danny D'Astolto on April 9th, 2018 - Bill Shorten recently announced a proposal whereby franking credits received on dividends are no longer refundable. It’s a simplistic statement to what is a more complex issue. Many won’t realise what it means. It reeks of a tax grab, rather than a well thought out policy.
by Danny D'Astolto on March 9th, 2018 -It’s a common question we often receive from clients seeking to claim their mobile phone or home internet. It’s also one of the key areas the ATO are focusing on this year.
A variation to the question is also, “Is there a minimum percentage that I can claim that will be okay with the ATO?“
August 2017 - Labor’s Trust tax to hit 200,000 small businesses
by Danny D'Astolto on August 30th, 2017 - Recently, the opposition leader and opposition treasurer announced measures that they would seek to implement if they formed government in the next election. It got a little bit of media attention but not enough in our opinion.
In a nutshell, they want to tax Family Trusts at a minimum of 30%.
June 2017 - Using your existing superannuation to acquire property
by Danny D'Astolto on June 6th, 2017 - Many people are unaware that they can use their superannuation to acquire residential or commercial property. Whilst many don’t have enough in superannuation to do this, the laws allow you to borrow the funds, subject to banking lending ratios and your own personal circumstances.
by Danny D'Astolto on March 21st, 2017 - Negative gearing is now the new hot topic. Property prices have been rising for over a decade now, but negative gearing has suddenly become the main reason. Why ?
October 2016 - Payroll Tax – How is it justified ?
by Danny D'Astolto on October 6th, 2016 - Every Prime Minister, Premier or Opposition Leader preaches how they are all about creating and focusing on “jobs, jobs, jobs.” You hear it at every election and thereafter.
We agree that it should be the primary focus of any government, as a healthy employment level generates other benefits for the wider economy and the population’s prosperities.
August 2016 - Investment Properties and Depreciation deductions
by Danny D'Astolto on August 18th, 2016 - We see it countless times where new clients with pre-existing investment properties haven’t claimed the depreciation they are entitled to. Perhaps second only to interest expenses, depreciation can be the next largest expense.