The Victorian State Budget 2017: Winners or Losers Victorian State Budget 2017 introduced on the 2nd of May 2017 included a number of changes in relation to property measures aimed to improve the affordability for first home buyers. However, where there are winners, there are losers. In this Budget, the losers were the real estate…
4% Building Allowance and CGT Most property investors are aware of a 2.5% building allowance, but do you know that there is also a 4% building allowance? Keep reading to see if you’re eligible! What is a building allowance? Most commonly known as capital works deduction (Division 43), which is claimable against your assessable income…
Not For profits and the DGR Changes (Deductible Gift Recipient ) The Commonwealth Government has announced a number of potential changes to the Deductible Gift Recipient (DGR) system. Under the old legislation, some DGRs had to report to the Commissioner of Taxation while others to ACNC.As released earlier this year, the reforms aim at bringing…
In the recent past,theATO has been actively reviewing claims of taxpayerswho own holiday homes with a view to cut down on rental deductions which taxpayers may not be eligible to claim. Using the data matching system, the ATO isable to detect unusual claim sandis writing to a large number of property owners advising them about claiming deductions only which they may be entitled to.
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Reduce your tax payable through tax offsets and rebates! Many individuals quite often ask the same question surrounding the topic of ‘how to save money on tax’. Besides the allowable deductions according to ATO; options such as negative gearing on an investment, salary sacrifice, so on and so forth, there are tax offsets and rebates…
SOLE TRADER TAX RETURNS: Taxation has been a major topic of concern for people getting into business for a long time. Different kind of business and ownership structures can affect the way an individual reports his/ her income and pays tax. One of the most basic and cost effective business structure is when an individual…
Cars and Tax I’m sure you’ve been told at some point in time that you can claim ‘this and that’ car related expense, or that petrol can be claimed if you’re driving to work! Unfortunately there’s more than a tinge of urban myth surrounding tax and cars, with nobody quite sure what can or can’t…
