Make sure that your property is actually available for someone to rent This is crucial because if not for this you will not be able to claim a tax deduction. You need to make it extremely clear that you wish to rent out your property. Use various platforms to advertise your property so that people…
Property Flipping – The Next Target of ATO One of the tax laws says that even if you are living in a property it won’t be tax-free if you flip it. Many people assume that they can do these things on their property and sell it after without paying the tax – move in and…
Structure is very important. Your accountant may have set up your structure many years ago, and at that time it may have suited your needs perfectly well then. But what about now? Changes in tax rules, legislative changes and, of course, changes in your own business may mean it’s time to review and revamp. If you haven’t…
December is around the corner and what is more exciting than the fleeting thought of Christmas approaching! You might not have planned a Christmas party for your team or your company yet, but it’s definitely on your ‘To Do’ list. You are probably considering factors such as tax implications while swaying from one idea to…
What properties can a self-managed super fund buy? Any person can make use of the SMSF (Self-managed super fund) in order to buy residential or commercial property. Nevertheless, what needs to be kept in mind is that any property under your SMSF must provide retirement benefits to all the members of the fund, or a…
Let’s take a look at 15 tax tips that will help you drastically trim your tax liability, while at the same time being legitimate for the year 2016-2017: 1. State deductions related to your work: Stating work-related deductions can help you save a considerable amount of tax. The most common expenses related to work are…
Should your SMSF trust deed be updated? Superannuation legislation has continuously changed these past years. Although there are many changes that would not require an update of the SMSF deed each time, it is highly recommended to at least have an update every 5 years to make sure that it is compliant with the current…
Small Business Tax Threshold increased In the May 2017 budget, the cap for what is deemed a small business was amended. Previously $2 million turnover, it has now been increased to $10 million turnover. Turnover is your sales exclusive of GST. This means that more than 90,000 more Australian businesses can access a number of small business concessions. $20,000 instant write-off…
