Tax incentives for investing in affordable housing

In the 2017-18 Federal Budget the Government announced a series of measures intended to improve housing affordability in Australia.  To entice investors, the Government is providing an increase in the CGT discount for individuals who choose to invest in affordable housing. The draft legislation enabling this change has now been released so we can see the detail. There are two aspects to these changes. Firstly, individuals who make a capital…  Read more

Deductions

  Each year the Australian Tax Office audits many tax returns, they pay particular attention to people claiming higher deductions than expected.  Use the following tips to ensure you aren’t caught out. Justify your claims Only claim deductions on items you genuinely need to do your job. If you have a desk phone, and can make all work-related calls on that, you cannot claim mobile phone expenses. Most employers will…  Read more

Statastic!

Statastic! Back in 1989, when World Population Day was first observed, the global population was nearing five billion. Fast forward almost three decades and the global population has climbed to a staggering seven billion. The United Nation Predicts the world population will reach 10 billion by 2056! Here are some quick facts current as at World Population Day, 2017: There are 4.5 births every second China has the largest population,…  Read more

Are you using the correct award rates?

Happy new financial year! We hope last years was financially prosperous and here’s to another exciting year ahead. However, as it is the new financial year, it’s time to ensure that you’re paying up to the correct award rates. Here is a quick how-to-guide that we’ve put together to make sure you are up to date with the current rates! To find your minimum pay rates: Head over to the…  Read more

Top 10 Tips for SMSF’s prior to 30 June

With the superannuation law changes taking effect from 1 July 2017, it’s more important than ever for SMSF trustees to get their affairs in order. 1. Valuations. From 1 July 2017, if you are accessing a retirement pension, you can only have up to $1.6 million net assets in your pension account. The limit applies to the total value of all your pensions and not per superannuation fund. If you also have…  Read more

10 Tips on How to Identify Scam or Phishing Emails

Identifying dangerous emails Scam emails are becoming more prevalent throughout Australia. It is important that you are able to recognise scam emails to ensure that your private details and information are kept secure. Here are 10 essential tips to assist you in identifying which emails could be potentially dangerous. Tip 1: Don’t trust the display name A favourite phishing tactic among cybercriminals is to spoof the display name of an email.…  Read more

Changes to Tax Debt Laws

Do you have an outstanding tax debt? Did you know that from 1 July this year, the ATO will report these debts to credit agencies and this will affect your credit rating! Check out this article for further details, and get your tax debt sorted now! Click Here  Read more

Appreciating the benefits of depreciation

If you own an investment property, a depreciation schedule will more than likely offer you some benefits. Depreciation is often missed by investors, but it is a legitimate tax deduction. Depreciation is the process of devaluing assets as they decrease in value over their lifetime until reaching the end of their useful life. If you have an investment property it can be depreciated and you are deemed to benefit from…  Read more

New Year’s Resolutions- Financial Goals

Any time that you want to change your financial picture, you need to start by setting goals. Many people look at the New Year as a good time to begin making changes in your life. In order for your changes and goals to be successful, you should set goals with small attainable steps that will help you to achieve the goals that you are setting. There are four areas that…  Read more

Guard yourself against card fraud this Christmas

The instances of ATM and credit card fraud are on the rise. Follow the tips below to help avoid becoming a victim: Don’t let anyone swipe your card twice without giving you a ‘transaction cancelled’ receipt for the first swipe – card ‘skimming’ is growing where fraudsters swipe cards through a second machine to record details. Be on your guard when withdrawing money from ATMs – if anything seems out…  Read more

Major Superannuation Reforms- what you need to know!

Superannuation reform and its impact on you The wide ranging superannuation reforms originally announced in the 2016-17 Federal Budget have passed Parliament. As the majority of the reforms start from 1 July 2017, it’s important to consider how these might impact on you and whether you need to take any action before then.   Key reforms include: Non-concessional contributions capped at $1.6 million – Once your super balance has reached…  Read more

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