Rental properties Rental Property Income –          Rent received –          Other income produced by the rental property. Eg Water usage reimbursements   Deductions –          Advertising for tenants –          Bank charges –          Council Rates –          Body corporate fees and charges –          Cleaning –          Council rates –          Electricity and gas –          Gardening and lawn mowing –          Insurance o    […]

Tax paid on difference of assessable income and allowable deductions We pay tax on the difference of our assessable income and allowable deductions, but what is included in these?   Assessable income includes wages, allowances, some government allowances and pensions, superannuation income, interest, dividends, rent, managed fund distributions, capital gains and business income.    Allowable […]

Allowable deductions for a rental property Here is a list of expenses that are allowable deductions for a rental property.   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 […]

Can you trust online financial product information? As more and more consumers turn to the internet for this information they may not be aware of the limitations of these websites, said Katherine Lane, principal solicitor at the Consumer Credit Legal Centre NSW. Late last year, the Australian Securities and Investments Commission issued a warning about […]

Xero’s growth in Share Price Have you ever heard of a man named Craig Winkler? Be prepared to hear a lot more about him dubbed the next Steve Jobs, Craig Winkler owns a 16.4% share in “Xero” a cloud based accounting software program (which admittedly we use here at Bottrell Business Consultants) which on the […]

Uniform Claims If you are required to wear a labelled uniform, you are able to claim the cost of washing that uniform over the period of the financial year.   If the uniform isn’t compulsory but is a business norm, you are unable to claim the cost of the washing your clothes.   Interested in […]

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 […]