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Depreciation Tax Deductions for Property Owners

Many investment property owners are missing out on substantial tax deductions every year because they are simply not aware of all their depreciation entitlements What is a Depreciation Deduction? Depreciation is the reduction in value of an asset that occurs over time due to everyday wear and tear. Savvy Property Investors know this and claim tax deductions for that decrease …

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Last Minute Tax Tips

Here are a few quick tips to help you minimise your tax. Bad Debts Review your debtors and write off the bad debts before 30 June to get the deduction. Consumables Buy any necessary loose tools, stationery, printer toners, paper, water etc before 30 June. Defer Income Delay issuing the last week of June bills to customers until 1 July. Employee Bonus Consider committing …

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Keep Better Accounting Records for Greater Success

Research shows businesses that are good at meeting their GST and activity statement obligations tend to run more successful businesses. This can be because the systems and processes they use to keep financial records and manage their tax affairs also help them keep track of their business performance and make sound business decisions. By maintaining proper records of dates, sales, …

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Employee or Contractor ?

The Undercover Employee  The Tax Office’s ongoing compliance efforts have some constant focus. One of these is the often flawed characterisation of an employee as a contractor by businesses.   Characterisation is fraught with elements of complexity. For instance, entitlement to annual leave, sick leave and other benefits may arise. An employer’s liability to work cover and payroll tax in …