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Tax – What the 2019 Federal Election means for You!

There is only a short time before the Federal Election on 18 May 2019, and there’s a lot of wild speculation and “fake news” in the media. We’re not trying to recommend who you should vote for, but instead we believe that it is vital that our clients understand how they will be affected by the result of the Election. …

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Key Budget Highlights

On Tuesday, 2 April 2019, Treasurer Josh Frydenberg handed down the 2019-20 Federal Budget. In an election Budget, the Treasurer announced the first Budget surplus in more than a decade at $7.1 billion for 2019-20 Economic Outlook Frydenberg maintained a relatively optimistic outlook for the economy, though he conceded there were risks including from falling house prices and global risks …

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Thoughts for the year ahead – Tax in 2019

There are a huge number of tax laws that may change this year as a result of the upcoming 2019 Federal Election. Individuals could be affected by: Losing franking credit refunds More Capital Gains Tax Losing tax benefits from negatively gearing Investment Properties Businesses could be affected by: Changes to the laws for loans from Companies (known as “Div 7A”) …

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Single Touch Payroll – What you need to know!

Summary of single touch payroll Single touch payroll changes when and how small businesses report payroll activity to the Australian Tax Office (ATO). Businesses used to report this information to the ATO once a year. Now, they need to send a report online after each pay day. Changes to when you report payroll Small businesses used to finalise their payroll …

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Single Touch Payroll required for all businesses from 1 July 2019

Breaking News – 12 February 2019 Today, Australian lawmakers passed legislation that requires even the smallest of employers to electronically file each pay run with the tax office using Single Touch Payroll, from 1 July 2019. It’s a big ask for the nation’s 2.3 million small businesses, which employ 40 percent of all workers. It’s also a big opportunity Many employers still …

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Renting out part or all of your home

Generally, if you rent out part or all of your home, the rent money you receive is assessable. This means that you must declare your rental income in your income tax return, but you can also claim deductions for any associated expenses. However, be warned. If you rent out part of your home, such as one room, you also may …

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Real Estate Buyers become Tax Collectors

Withholding rules on the sale of property by foreign residents have been introduced. This potentially turns property buyers into tax collectors. The rules apply where real property contracts are entered into on or after July 1, 2016, but only apply to sales of residential property where that property has a market value of $2 million or more. Withholding will not …

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Company Cars & Novated Leases

SalarySalary packaging a car is a popular choice. Doing so by salary sacrifice often raises the topic of novated leases. l;llllllllllllfgfrgg pacSalary Packaging a Car using a Novated Lease What is a Novated Lease A novated lease is a way for an employee to buy a car and have their employer make the repayments to an agreed financial supplier. Basically, …

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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 …