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Rental Property allowable deductions

Rental Property allowable deductions There is a long list of expenses that are rental property allowable deductions for the purposes.   These include: Advertising for tenants, Bank charges, Council rates, Gardening and lawn mowing, Insurances, Interest on loans, Pest control, Property agents fee and commissions, Repairs and maintenance and water rates.   Some not so […]

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Debt & Equity

Debt & Equity The New Business Tax System (Debt and Equity) Act 2001 determines what is equity in a company and what is debt in an entity for tax purposes with effect from 1 July 2001.The debt and equity rules aim to improve certainty in the tax law by establishing tests that provide a clearer […]

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Why you should correct a Dispute with the ATO

Why you should correct a Dispute with the ATO There are times you can make a mistake on the various tax and superannuation returns, statements and other reporting documents you lodge with the ATO. The ATO always accepts that you are trying to be honest in your tax affairs and that the information you provide […]

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Tax Rules for Contractors

Tax Rules for Contractors There are special tax rules for independent contractors to ensure that you do not use business structures to avoid your income tax obligations. You may also have to arrange to pay your own tax. It’s important to speak with your accountant to ensure you understand your tax obligations. Contact Maitland Accountants […]

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Consolidation

[vc_row][vc_column][vc_column_text]Consolidation The Commonwealth Government introduced consolidation to reduce compliance costs for business, remove impediments to the most efficient business structures and improve the integrity of the tax system. Consolidation allows wholly-owned corporate groups to operate as a single entity for income tax purposes from 1 July 2002. Where a wholly-owned group does not choose to […]

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What is Capital Gains Tax?

What is Capital Gains Tax? Capital gains tax (CGT) is the tax you pay on a capital gain. It is not a separate tax, just part of your income tax. The most common way you make a capital gain (or capital loss) is by selling assets such as real estate, shares or managed fund investments. […]

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What is UCA?

What is UCA? Capital allowance measures contain the rules for calculating the decline in value of depreciating assets. New provisions operate from 1 July 2001 and apply to depreciating assets acquired both before and after that date. The new provisions consolidate a range of former capital allowance measures. From 1 July 2001, uniform capital allowance (UCA) […]

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Business Tax Break

Business Tax Break The small business and general business tax break provides an additional tax deduction for expenditure on certain qualifying assets. It provides a bonus deduction of 50% for small business and 30% or 10% for all other businesses providing certain eligibility criteria are met. How to claim the business tax break: You claim […]

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Annual Investment Income Reporting Details

Annual Investment Income Reporting Details Information for Australian businesses paying investment income to Australian and non-resident investors. If you are not sure if you are an investment body or you are new to this area contact Maitland Accountants today to discuss how we can help you. When you need to have an AIIR: If the […]

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Why you need an ABN?

Why you need an ABN? The Australian Business Number (ABN) makes business activities easier. It’s your key to a quicker and smarter way of dealing with other businesses and government. The Australian Business Register gives you instant electronic access to ABN information. Available 24 hours, seven days a week – it’s easier, smarter and saves you […]

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Seven SEO Business Tips

Seven SEO Business Tips 1. Onsite SEO is Necessary But Not Sufficient Optimising title tags, site structure and load-speed are the most important. Hire someone to run an assessment and tune up the site. Don’t spend too much time here, get it complete and then move on. 2. Website Content & Experience Are Critical Your website […]

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ATO’s Audit Targets

ATO’s Audit Targets Data Matching is one of the main methods the ATO uses in detecting risks areas and cases of errors in tax returns. Where a Tax File Number (TFN) is reported – for bank accounts, employment and superannuation funds – the ATO can match the data received from banks, employers and super funds […]

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What to do if your company hits rock bottom

What to do if your company hits rock bottom Stan Gordon the CEO of Franchised Food company tells his story of success. After hitting rock bottom in his pie shop business in Australia, that was successful in South Africa, Stan had lost hope and was unemployed for 4 years. He states that if it was […]

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Car sales

Car sales Car sales dip blamed on FBT Car sales The automotive sector is blaming uncertainty around the previous government’s plans for the FBT compliance regime for a 3.1% decline in vehicle sales in October.   The Abbott government has announced that it will scrap planned changes to the FBT regime but the automotive sector said […]

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