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 farming matters that I need to […]
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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 show the personal use of a […]
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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 historic information on www.humanservices.gov.au is very hard to find, as of the […]
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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 at any time thereafter should you […]
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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 Telstra 2 Shares that you bought […]
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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 for every $1.00 you deposit. If […]
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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, no savings will be made, […]
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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 the property against other income, resulting […]
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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 mind your refund isn’t a windfall, […]
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“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 am a registered tax agent and […]
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One of the questions I was recently asked via my newsletter…
