TAX TIPS JUNE 2016

Employers Must Become Super Stram Compliant   Are you super stream ready? With the SuperStream deadline of 30 June rapidly approaching, ATO Deputy Commissioner James O’Halloran says now is the time for employers who are not yet using…
tax time

Taxation Tips

GOVERNMENT TO RETHINK BACKPACKER TAX This tax mooted by the government if introduced would see backpackers working in the agricultural industry being taxed at 32.5% from dollar one. It seems for once that the Accounting professions plea…

Tax Tips - Don’t get into hot water with claims

Property investors often worry about ongoing repairs and maintenance costs however these concerns can often be reduced by claiming back these costs when completing a tax return. Before claiming deductions, it is necessary for investors to understand…

Depreciation Tips - Investment Property

With the Possible Changes to Negative Gearing we have had many queries about depreciation deductions. Please find attached some information top assist you when buying a new investment property.  What is Tax Depreciation? Tax depreciation…

NEW YEARS TAX TIPS

Reminder of small business tax cuts The ATO has reminded taxpayers that from 1 July 2015, a new two tier company tax system took effect and applies to all companies This sees the whole of a company’s taxable income subject to the following…

Cancellation Of ABN’s

Many clients who have an ABN which has been inactive will have or may receive correspondence from the ATO or ASIC wanting to cancel your ABN. If this happens the responsibility will be on you to prove that you are still in business. Reasons…

Four Reasons Investors Should Claim Depreciation In 2016

As we start the New Year, many investors might be formulating their annual New Years resolutions. Investors often think about the ways they can reduce the costs of owning an investment property and wonder how they could boost the cash flow…

Depreciation Differences: Old Versus New Residential Properties

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Property depreciation is a non-cash tax deduction available to the owners of income producing properties. As a building gets older, items wear out – they depreciate. The Australian Taxation Office (ATO) allows property owners to claim this…

Wakefield Business Group Tax Tips

  Deduction for Phone and Internet   Claiming mobile phones, internet and home phone expenses Where taxpayers use their own phone (s) or internet for work purposes, they may be able to claim a deduction if they paid for these…

Five depreciation points every investor should know

Any owner of an income producing investment property is eligible for significant taxation benefits. Despite this fact, according to the Chief Executive Officer of BMT Tax Depreciation, Bradley Beer, 80 per cent of property investors are failing…