Every year I update the Income Tests for Family Tax Benefit Part A on this blog, I do this for several reasons, the first being that I have an easy way of retrieving the income thresholds should a client ask. The second is, that historical information on www.humanservices.gov.au is very hardRead More →
Have you or are you currently studying at university? If so, you are likely to have a HELP/HECS debt. Notifying your Employer You are required to let your employer know that you have a HELP debt, this can be done via an Employment Declaration form at the commencement of your job or atRead More →
One of the questions I was recently asked via my newsletter subscription; “Hello Geoff, I have a question about motor vehicle expense claims. We are full-time cereal farmers, recently I purchased a new car for myself, a medium size SUV. I use this car to attend to all the farmingRead More →
Log Books and 1 ton Utes. With the increased popularity of 1 tonne utes like the Ford, Holden and 4WD dual cab utes that are used for business use as well as private use the following question is often asked. Does a log book need to be kept to showRead More →
Telstra 1 Shares Are you selling your Telstra 1 Shares that you bought in 1997? The original instalment was $1.95 on the 3/11/1997. The second instalment of $1.35 was on the 13/11/1998. The total purchase price being $3.30 bought on the 3/11/1997. Telstra 2 Shares Are you selling your TelstraRead More →
Superannuation Co-contribution One of the most suggested Government’s incentives I make to my clients is the Superannuation co-contribution. If you are earning less than $36,021 (at least 10% from employment income) and pay up to $1,000 into your superannuation as a voluntary contribution the government will pay 50 cents forRead More →
The 2016 Federal Budget released in May tabled an increase in the tax threshold where the 37% tax rate starts. The previous threshold was $80,000 and the new threshold is now $87,000. Tax Savings So how much tax does this save you? If your income is less than $80,000 then, unfortunately,Read More →
Rental properties are a popular investment for many people. Below are 3 main reasons why owning property is a major investment choice. Tax Incentives Rental properties are a common investment for Australian Taxpayers, one of the main reasons why they are so popular is the tax deduction received for the net losses from theRead More →
It’s July and you have received your PAYG Payment summaries and it’s time to lodge your tax return and hopefully receive a refund. The average refund issued by the Australian Taxation Office is just over $2000, the question is, what plans do you have for your refund? Keep in mindRead More →
“Save tax by getting private health insurance before June 30.” How many times have you seen or heard this statement in the media? I have seen it many times and have on occasions thought about getting health insurance to save tax for myself, then I realise, hang on I amRead More →