Rental Properties and negative gearing Investing in the real estate market is an expensive venture, but with the right structuring, you are able to save a large amount of tax when you negatively gear a rental property.   There are 2 ways to negatively gear your property effectively: –          Depreciation reports –          Interest only on […]

Xmas Gifts Its coming to that time of yeah where gifts to customers, suppliers and employees are given. Based on the income tax assessment act and the Fringe benefit act, the gifts are tax deductible for all of the above mention.   Please note, that there is no GST claimable on gift vouchers. GST is […]

Investments There is several ways to earn passive income, whilst you are working in your normal job. Earning income from your rental property is one way, as well as dividend, interest and trust distribution income.   All the above income are taxable, but saying that, the income that you earn is less than the amount […]

Motor Vehicle Claim In personal tax returns, there are several ways of claiming a tax deduction for work related travel.   Firstly, the ATO allows a cents per kilometre claim based on the work related kilometre travel that you have done in the year. Secondly, the second method is the 12% of the cost of […]

6.    Six questions start-ups must ask Starting a business is difficult. Risk is a big part of any enterprise, and answering these six questions may assist mitigating this risk. 1. How will you finance your business? Funding it yourself means you will have greater control, but growth will be slower. 2. How will the business […]

5. Four ways to trim down your business The concept of a lean is similar to an elite athlete to the extent that all food is fuel and almost nothing is wasted. A lean business must be resourceful but also flexible in its approach to the market.   In order to run a lean business […]

4. Breakable rules in business 1. Reduce focus on search engine marketing Focus on your customer and product and the searches will come.   2. Launch your product flaws and all There is no such thing as perfection be comfortable with experimenting and embrace constructive feedback.   3. Give it all away (almost) The more […]

2. Car sales dip blamed on FBT 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 uncertainty about the […]

Bank deposit tax deferred The government has deferred an earlier pledge to adopt a tax on bank deposits and will refer the proposal to the broader inquiry into the financial system scheduled for commencement in 2014.   Under the current proposal, the fund would be launched on 1 January 2016 and would receive proceeds from […]

ATO Outsourcing Tax Checks The ATO will soon be allowing corporate auditors to check their client’s accounts on behalf of the ATO as a pilot program for the outsourcing of the tax audits of large companies.   The ATO is currently in talks with the Big 4 accounting firms along with the union representing ATO […]

Beer prices rising The twice-a-year jump in the excise on beer could cause a deep wedge between Australian drinkers and their favourite drink, forcing shoppers to look for cheaper alternatives. Coopers managing director, Tim Cooper has warned that beer is price sensitive, and the days when Australians would beer drink regardless of price were over. […]

Christmas Marketing Techniques Using digital channels to create and deepen customer relationships should be at the top of your agenda as you seek to maximise revenue potential over the months coming up to Christmas. Here are some tips for you to think about in the months leading up to the holidays. October – get your […]

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 […]

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 […]

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 […]