Property investing – what records should I keep?

Property investing generates a lot of paperwork and email correspondence. What should you keep, and what is safe to throw out? Keeping organised records is important for the smooth running of your investments and to make sure you are compliant with regulations. Software packages There are software packages available that can help you do this. …

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EOFY 2015 is fast approaching

With 30 June 2015 just around the corner, businesses should be finalising their tax planning to ensure that they achieve the best possible outcomes. The following are some last minute things that you can do to improve your businesses 2015 tax position. Pay Superannuation Contributions Whilst employer superannuation contributions for the quarter ending 30 June …

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Work related business travel and record keeping

In today’s global economy it is increasingly common for people to travel for work related or business purposes. Travel expenses Where travelling expenses are incurred in relation to that travel, it is important to ensure that appropriate records are maintained to demonstrate that the expenditure is deductible and not subject to Fringe Benefits Tax (FBT). …

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Investing as a young person

Starting a property portfolio as a young person is a challenge, but not an unbeatable one. If you’re a young person hoping to buy an investment property or if you’re helping someone plan their first step on the ladder, here are our hints. Make a plan Decide why you want to invest. What are your …

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Small business company tax cut official

Tax cut for small business owners Good news if you are a small business with a turnover of less than $2m. The Senate has passed legislation to cut the company tax rate from 30% to 28.5% from 1 July 2015. For further details, please refer to the Parliament website. You can click here to speak to a business, accounting and bookkeeping firm. We …

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Small business asset write-off

Small business owners $20,000 asset write-off to stimulate investment and growth. Instant write-off New legislation passed enables small businesses (revenue less than $2M) to claim an immediate tax deduction for all assets purchased that cost less than $20,000. Additionally, assets currently being depreciated in a small business pool will qualify for an immediate deduction where …

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Are you under-appreciating your depreciation?

Research shows 80% of investors don’t claim all of the deductions they are entitled to. Are you one of these? What is depreciation? Depreciation is like wear and tear – it’s a recognition that your buildings and assets have a finite useful life and that they lose value over time. At tax time, you can …

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Avoiding overcapitalising

Trading, flicking, renos, The Block. It feels like we’re inundated with tales of quick riches made through doing up property. What we don’t see so much, though, are the investors who lose money, or who invest in renovations that don’t pay adequately for the risk. We don’t generally recommend trades or ‘flicks’. We prefer buying …

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Why are accountants always on about super contributions?

How to pay less tax and save for your retirement! Looking for ways to save tax?  Increase your super contributions and benefit your retirement. At some time, most people will ask their accountant for advice on how they can save tax. Invariably, the accountant will ask them if they have considered increasing their super contributions. …

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The SuperStream standard

The SuperStream data and payment standard started 1 July 2014 for businesses employing 20 or more employees. These employers need to ensure that they are fully compliant by 1 July 2015. Additionally, employers with fewer than 20 employees will need to start implementation of SuperStream from 1 July 2015. This blog seeks to raise awareness …

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