Maximise your tax deductions for the 2018-19 financial year by planning and reviewing your records. Here are top tips for businesses and individuals when it comes to year-end tax planning: Small business CGT concessions Individuals operating a small business may be eligible for capital gains tax (CGT) concessions on the sale of business assets. The
Owning an investment property can provide great benefits, including additional income and entitlement to tax deductions. The ATO has an increased audit focus on investment properties for the 2018-19 financial year and is expected to audit 4,500 rental property owners. Now is the time for property investors to take advantage of tax strategies available to
The Instant Asset Write-Off Scheme has been extended to 30 June 2020 for assets purchased under $30,000. The scheme affects small to medium businesses with a turnover of up to $50 million a year, allowing business owners to immediately deduct assets costing up to $30,000 which can then be claimed in their tax return in
Scammers have developed a different tactic over the New Year to impersonate the ATO. Perpetrators are using an ATO number to send SMS messages to taxpayers, asking them to click on a link and hand over their personal details. The ATO received many reports in 2018 of scammers manipulating call identification so the phone number
The ATO often focuses on specific behaviours, characteristics and tax issues that are suspicious and can lead to investigations. Due to enhancements in technology, the ATO has expanded its data matching capabilities which have improved the ability to identify incorrect reporting in tax returns. The ATO has released a list of behaviours and characteristics that
The Instant Asset Write-Off Scheme will be extended to 30 June 2020 for assets purchased under $25,000. The Instant Asset Write-Off affects small businesses with a turnover of up to $10 million a year. It allows business owners to immediately deduct assets costing up to $25,000 which can then be claimed for tax return in
Depreciation schedules greatly aid your investment in property by helping to maximise on your tax deductions.o receive legitimate deductions, you will need a qualified person such as a quantity surveyor, project organiser or supervising architect to undertake an onsite inspection of the property and compile a depreciation schedule based on this visit. Estimates of tax
Walk with Walshs 2019 registrations are open. Join Walshs Practice in supporting the Leukaemia Foundation on a two-day 55km guided hike through the Sunshine Coast Hinterland. You can register, donate or find out more about Walk with Walshs 2019 here. Walshs’ CEO Michael Walsh said last year the Walk with Walshs team raised more than $20,000
[vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default”][heading]Splitting super contributions between spouses can result in tax advantages that will help you grow your joint retirement nest egg.[/heading][vc_column_text]You must meet the eligibility requirements and follow tax rules to avoid incurring penalties from the ATO. Advantages of splitting super contributions Some advantages
[vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ width=”1/1″ tablet_text_alignment=”default” phone_text_alignment=”default”][heading] Retirement may seem like a far-off event, but your decisions now will determine how comfortable you are when you stop working.[/heading][vc_column_text]Checking that your finances are on track is vital to maximising your super, reaping tax benefits and giving your future certainty. At
