Got your car log book ready?
Got your car log book ready? When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in a Tax Office audit. The car log book is an important piece of tax substantiation for those who use their vehicle […]
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Building a new home? Is it exempt from CGT?
Building a new home? Is it exempt from CGT? There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence” even though it does not yet have a habitable dwelling. It is a widely recognised fact that a capital gains tax (CGT) exemption applies to a taxpayer’s principal or main residential property. And one […]
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Investment Property owners: understand how valuations can affect your tax
Investment Property owners: understand how valuations can affect your tax Estimates are most commonly used in apportioning expenses between private and business use. More important however is the use of valuations to work out the cost of transactions that are not at arm’s-length or when no actual cash changes hands. A common example is in respect of property transactions. Why are valuations in property transactions important for […]
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How Australians spend their tax refunds (and why you should consider Tax Planning)!
How Australians spend their tax refunds (and why you should consider Tax Planning)! We are part-way through May, with the final siren due to ring for the end of financial year only a mere 49 days away. The 2014 MoneySmart poll provided a great insight into what Australians actually did with their tax refunds in the 2014 financial year. Not surprisingly, the vast majority of taxpayers used the funds to […]
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Super contributions caps for the 2015/2016 year
Super contributions caps for the 2015/2016 year As the end of the financial year rapidly draws to a close, have you thought to check your super contributions? Below is a brief overview of  the superannuation contribution caps for the 2015/2016 financial year – don’t leave it too late! Concessional (before-tax) contributions 2015/2016 A concessional contribution is a contribution that is made by […]
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