End of Financial Year Checklist
Planning for the end of the financial year is a little harder this year, with a federal election just days later which could result in sweeping changes to superannuation, negative gearing and business taxation. All the more reason to get on the front foot to make the most of the current tax arrangements while you […]
Cyber Fraud + Tax. What you need to know.
From fake Tax Office “delayed return” or “proof of identity” emails to telephone calls conveying similar requests, taxpayers have had to keep their guard up. So how can individuals and businesses protect themselves from online fraud and crime? Why are cyber scams on the rise? Scams have always been around in some form or another, […]
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 […]
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 […]
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 […]
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 […]
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 […]
Tax office makes new ruling for property investors
A new Tax Office ruling clarifying the criteria for deductions on income earned through specific lease arrangements may limit property investors who incorrectly claim losses on their properties. The ruling, issued mid-September, sets out parameters for claiming losses on properties that are let at arm’s length or to relatives, or on properties that are used […]
What can a XERO add-on do for Melbourne businesses?
Xero is truly an incredible product. Not because it is a bookkeeping program that makes you coffee, does your tax returns or magically improves your cashflow, but because of the way in which it integrates with other complimentary products known as ‘add-ons’ to automate business processes. What is an add-on I hear you ask? Basically, […]
Maddern Accountants – Your new XERO partner in Melbourne
At Maddern Accountants in Melbourne, we are very excited to announce that we have recently teamed with XERO to become a XERO Partner. If you are a small to medium sized business owner in Australia and have not heard of XERO, you soon will. Xero is revolutionising business financial management by offering to its users […]