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 hard toRead More →
$20,000, $25,000 or $30,000 In this financial year, 1st July 2018 to 30th June 2019 there has been 3 different values at which you can write off the full cost of an asset. So which value applies to your purchase? Up to 7.30pm (AEST) on the 28th January 2019, itRead More →
I was out a while ago with my wife and we decided that for lunch, we go to a nice vegetarian eatery that is a part of a plant nursery in one of Adelaide’s beachside suburbs. What can I say, the meal was fantastic, followed by coffee and cake. AllRead More →
The Student Financial Supplement Scheme (SFSS) was a voluntary loan scheme for tertiary students to help cover their expenses while they study The SFSS closed on 31 December 2003 and no new loans have been issued. Existing Financial Supplement debts will continue to be collected through the tax system. IfRead More →
PAYG Instalments is a system where regular payments are made to the ATO to cover your annual tax liability. To be added to the installment system your income from your business and/or income from your investments must be greater than $4000 and the amount due on your most recent NoticeRead 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 →