You have just spent a relaxing time with your family in your favourite holiday destination, and you are thinking, wow this would be an ideal place to purchase a holiday home for future vacations and as an investment for retirement. To offset the expenses of running your holiday home, your plan is to have the holiday home available for rent for most of the year and use the home for your holidays for some of the year.

How does the Australian Taxation Office deal with a situation like this, do they allow you to claim any deductions against the holiday home rental income?Read More →

The Australian Taxation Office replaced its software in January, and because of this any tax returns lodged were not going to be processed till February 1st. I contacted the ATO on Monday and was informed that the software update didn’t go as planned and that instead of the 1st beingRead More →

MYOB Accounting Plus, version 18. Recommended retail price of $749 or upgrade price is $395. Should you upgrade, my opinion is NO you shouldn’t. MYOB Version 13 and Version 18, both copies of the software perform the same fundamental tasks. The rate of GST in Australia hasn’t changed since its inception in the yearRead More →

An employer is exempted from the obligation to register under the Workers Rehabilitation and Compensation (Claims and Registration) Regulations 1999. There are two categories of exemption 1. Employer not engaged in a trade or business If, the employer employs one or more persons (the workers) under a contract of serviceRead More →

I have been in full time public practice as an accountant for 14 years. In that time I have seen clients invest their time and money into several schemes, with the intention of making fast money. I thought I might share with you a few investments that “I have never seen” makeRead More →

Single parents will, once their youngest child turns 8, start to pay more tax, how will this happen I hear you ask? While the youngest child is under 8 a single parent will receive Parenting Payment Single. When the child turns 8 the parent will stop receiving Parenting Payment Single and start receiving theRead More →