Weekly Newsletter March 31st

By |2022-03-31T07:16:00+11:0031/03/2022|Categories: Blog, News for you|Tags: , , |

The Federal Budget 2022 Here is our quick summary of the Federal Budget handed down on Tuesday. The Budget focused on keeping business and the economy going during uncertain times. It would be also be drafted with a focus on the following Federal Elellection due soon. Media reports indicate that if there is a change of Government, the ALP will publish a newly revised budget in July or August this year, which may not result in all initiatives etc., being fulfilled or modified. Here are the critical points that we believe will impact our clients:• 120 % tax deductions for [...] READ MORE

Estate planning and documenting your future.

By |2024-02-20T16:36:05+11:0031/03/2022|Categories: Blog, Estate Planning|Tags: , |

Estate planning for the living! Many of us go through life not thinking about the end. Many often think do I need a will? Many don’t bother! We start life naked with nothing and we end up leaving an imprint on this earth that others must follow. Telling others how you want what you have accumulated in life is important Wills establish wishes after death and are essential for estate planning The chances are that you may have wishes about who gets the large loot of assets and possessions. These assets you have accumulated in your lifetime. Or you may [...] READ MORE

Initial repair for my rental property- can i claim it?

By |2024-01-15T15:52:14+11:0025/03/2022|Categories: Blog, Taxation|Tags: , , |

An Initial repair occurs when you acquire a new rental property with existing known repairs. The old house might need fixing before it can be rented. Initial repairs may include such things as plumbing, painting, new carpet or appliance repairs, to name a few. Initial Repair must be capitalised! Though Initial repair cannot be claimed outright in the first tax year, there is some tax relief. These repairs should be treated as a capital expense. Treating them as a capital expense will add them to the property's cost base. We are often asked what the tax treatment of an initial [...] READ MORE

Weekly newsletter

By |2022-03-24T23:29:02+11:0024/03/2022|Categories: Blog, News for you|

Insolvency – Worrells Liquidation observations Despite the last 2 years being a rocky road for small businesses in Australia, liquidations and actions by the ATO have been very low. Yesterday I attended the Worrells Solvency seminar on the current state of play. Here is a quick summary: The ATO has been quiet over the last 2 years about debt recovery, but soon the sleeping giant will awake!Jobkeeper forced many taxpayers  to get their lodgments up to date, so the ATO is aware of who owes what,ATO debt is sitting at $61 billion outstanding. That’s a lot to collect expected that [...] READ MORE

Car logbook and my car expenses deduction

By |2024-02-20T16:55:22+11:0022/03/2022|Categories: Blog, Taxation|

You must only claim motor vehicle expenses relating to work travel and we recommend a logbook will substantiate your claim. To substantiate car expenses the ATO requires that you keep a car logbook or use the 20% statutory method. The car logbook is used to justify your motor vehicle claim. Types of expenses Common types of motor vehicle expenses you can claim include: fuel repairs and servicing interest on HP, lease payments, insurances or  VIC roads registration and depreciation of your vehicle Per ATO here is what you must do for the operating or logbook method Logbook method You can [...] READ MORE

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