Thousands of Australians receive tax refunds every year. Some refunds won’t even cover the cost of a pizza to celebrate, however many are quite substantial. If you’re one of the lucky ones, what will you do with your tax windfall? If you go out and spend it, all you’re doing is giving part of it…
The end of the tax year is edging closer. If you haven’t planned how you will maximise your income and save some tax, take note! The most effective strategies are often the simplest and can be applied before 30 June this year whilst others should be considered for next year. Here are some from both…
Most investors and business owners are aware that the interest paid on an investment loan is generally tax deductible. These deductions can be maximised by prepaying the interest on the loan. To do this simply contact your financial institution and arrange to have all of the interest costs for the following financial year brought forward…
Currently 1.8 million Australian homeowners receive some level of age pension, with around 700,000 on a part pension. What many of these part-age pensioners may not know is that, along with recipients of the disability support pension, carer payment and some other Centrelink payments, they are able to access some of the equity in their…
Even though Fringe Benefits Tax (FBT) is designed to capture benefits enjoyed by an employee, it is levied on the employer. Unless your employment agreement allows for any FBT that becomes payable to be recouped from the employee, the employer will have no recourse for reimbursement. So, why should an employer lodge an FBT return…
The Private Health Insurance Rebate Percentages that apply from 1 April 2017 have been released. The table below sets out the rebate percentages for the 2016/17 income year. Base Tier Tier 1 Tier 2 Tier 3 Singles $90,000 or less1 $90,001–$105,0001 $105,001–$140,0001 $140,001 or more1 Families2 $180,000 or less1 $180,001–$210,0001 $210,001–$280,0001 $280,001 or more1 Under…
The ATO has released a report on findings from consultation on its paper “Proposed changes to penalties for small businesses and individuals”. The ATO is proposing to offer “one chance” before applying a penalty to eligible small businesses and individuals for false and misleading statements and for failure to take reasonable care failure to lodge…
As there is a lot of discussion about the immediate write-off for small businesses we have summarized the key facts below. The write-off threshold was previously $1,000 and the concession only applies to businesses with an aggregate annual turnover of less than $2 million. Key Conditions For The Immediate Write Off: The Asset must be…