Investment Properties and Depreciation deductions 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. Depreciation expense differs to the other form of deductible expenses in that it is a claim calculated...
Payroll Tax – How is it justified ? 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...
Victorian Land tax – Another out of date state based tax Negative gearing is now the new hot topic.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 ? Politically the Labor government see it as a point of difference and a vote winner....
Negative Gearing 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 ? Politically the Labor government see it as a point of difference and a vote winner. Who doesn’t want to see lower house prices in...
Denying travel claims to investment property owners Seems the Federal Government couldn’t help itself in having a go at residential property investors in the recent federal budget. It is proposed that property investors will no longer be able to claim travel expenses for inspecting their properties. With over 20 years of experience in preparing tax...
Using your existing superannuation to acquire property. 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. Your existing superannuation balance...
Labor’s Trust tax to hit 200,000 small businesses – you are probably one of them. 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,...
What Percentage can I claim? 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...
Labor, Shorten & Franking credits – who really loses out. 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...
Casual labour and entitlements – recent developments Most, if not all employers engaging casual labour are of the opinion that there are no entitlements to be paid, such as say annual leave. Whilst the Fairwork Act provides that casual employees are not entitled to be paid annual leave, simply offering employment on a casual basis...
