Property investors can access a wide range of tax deductions and items subject to depreciation for their rental property yet many miss out on unknown tax breaks, foregoing an average of $20,000 a year on a $1 million house. Here are four ways to maximise your tax deductions while complying with the tax office: Use…
Setting up your self-managed super fund can be a daunting process; you want to ensure you are covering all legal requirements throughout the process. The Australian Taxation Office has outlined steps to take when setting up your SMSF to ensure you are eligible for tax concessions, able to receive contributions and looked after if a…
The Australian Taxation Office is continuing to pay close attention to claims made as ‘work-related expenses’ throughout 2018. Making incorrect claims of work-related deductions can land you in hot water with the ATO, and thus it is important you can justify these claims. In order to claim correctly, you must be able to show that:…
Keeping the business in the family when you decide it’s time to retire is a common choice for many business owners. However, ensuring the change of hand is carried out effectively is seldom done right. If you plan on handing your business over to your child/children or any other family member, there are specific precautions…
Running a self-managed super fund can be a great strategy for your super and your retirement, provided you manage it correctly. To ensure you can enjoy the later stages of life and retire comfortably, you will need to be aware of common SMSF mistakes and how to avoid them. Record keeping Bad record keeping when…
While we like to think of business ventures as a platform to make money, there are also many expenses that will be incurred through running one. Luckily, there are many tax deductions a business owner can claim when it comes to the expenses their business incurs, in particular their legal expenses. Understanding what these tax…
Whenever or however you choose to invest, there will always be risk involved. Luckily, there are strategies you can adopt to manage this risk in the best way possible for you and your investment goals. Unfortunately, volatility in financial markets can cause an investor to lose their confidence. The Australian Government has provided Australians with…
Accepting a new job offer can be exhilarating; you’ve put yourself out there, gone for an interview, waited to hear back and you finally get the good news. While it is all very exciting, before accepting any new job, you need to ask yourself a few questions about the new workplace and most importantly your…
