New depreciation rules proposed for Australian residential property investors

2017 Budget, Under the new rules which are yet to be legislated by Parliament, investors will be able to depreciate new plant and equipment assets within a new property and items they add to their property; however subsequent owners who acquire a property after 9th of May 2017 will not be able to claim depreciation on existing plant and equipment assets.

Raj's Tax Tips & Federal budget 2017- Updates

What attracts the ATO’s attention?   Tax or business performance which is not similar to businesses in your industry Low transparency in tax affairs Large one off transactions or wealth shifting A history…

Rajeshs Tax Tips

1.Know what you are entitled to if you work from home.   If you work from home then some portion of the running expenses can be claimed as a tax deduction. You can claim the work related portion of : -heating .cooling and lighting of…

Top 10 tax tips for the sharing economy

The ATO has signalled a compliance focus on tax affairs of those who work in the sharing economy. With thousands of Australians now working through UBER AirBnb and others it is important to understand the tax laws and how they apply to the…

Add value and increase deductions with an alfresco area

Claim depreciation on outdoor structures and save Australia is made for outdoor living, so it is little wonder that alfresco areas have become sought after additions in any property. Owners see great value in adding permanent weatherproof…

Six capital gains and depreciation facts for property investors

Six capital gains and depreciation facts for property investors One question investors often ask about claiming depreciation on a rental property is ‘how will these claims affect Capital Gains Tax (CGT) when the property is sold?’ CGT…

Tax deductions available to property investors

What tax deductions are available to property investors? When looking to purchase an investment property, it is worthwhile to ask a number of questions. While many investors consider location, purchase price and tenanting ability when contemplating…

BEWARE OF FRAUD AND TAX SCAMS

BEWARE OF FRAUD AND TAX SCAMS Scam emails, faxes, SMS and phone calls can look or sound very convincing. You can generally tell they're not genuine because they offer you an unexpected refund or grant and ask you to provide personal information,…

The Top 5 Forgotten Tax Deductions

The Top 5 Forgotten Tax Deductions We surveyed our senior accountants and asked them “what are the top 5 forgotten deductions on individual tax returns?” – that is, deductions people can claim, but often forget or don’t know about We’ve…

Property Tax Tips

Don’t postpone getting a depreciation schedule Partial year deductions still benefit investors Often when an investment property is purchased towards the end of financial year the new owner will postpone getting depreciation schedule prepared…