What is negative gearing? Negative gearing. It’s a term you’ve probably heard before, but what exactly is it? Does it only relate to investment properties or can it be achieved with other investment types? More importantly, is it something you can benefit from? Have you tuned in to our podcast? Episode 7 is a…
It may only be February 2020, but in the blink of an eye it will be Tax Time 2020. As accountants in Melton who have helped thousands of taxpayers understand tax deductions and prepare their individual tax return, we know that it’s never too soon for you to start thinking about your next tax…
If you’re in business, you’re likely using a tax accountant to prepare your business tax returns, business activity statements, and financial reports. If you’re an individual taxpayer, you’re likely using a tax agent to prepare your personal tax return each year. But how can you be sure that the accountant or tax agent you’re working with…
It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties. What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO). In general, deductions can only be claimed if they were incurred in the…
How employers are being caught out by the timing of superannuation guarantee payments. Employers can generally only claim a deduction for superannuation contributions in the income year in which the contribution is made. Super contributions are made when the payments are received by the trustee of a complying superannuation fund. It’s not uncommon for employers…
Employees with multiple employers can now opt-out of superannuation guarantee from all but one employer. Employers are required to pay 9.5% superannuation guarantee for all eligible employees. But what happens if you are an employee with multiple employers? Until recently, these compulsory payments meant some employees risked unintentionally breaching their concessional contributions caps. New…
Vacant land tax deduction changes are designed to target the everyday ‘property development’ including the building of a rental property. Do you hold a vacant block of land? Are you intending to build an investment property or some income-producing development on the vacant land? You need to be aware of a new law that…
The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents. Back in the 2017-18 Federal Budget, the Government announced that it would remove the ability for non-resident taxpayers to claim the main residence exemption. The unpopular measures were…
The Government has resurrected the Superannuation Guarantee (SG) amnesty giving employers that have fallen behind with their SG obligations the ability to “self-correct.” This time however, the incentive of the amnesty is strengthened by harsh penalties for those that fail to take action. Originally announced in May 2018 and running between 24 May 2018…
Five years ago, the Australian Taxation Office (ATO) offered a penalty amnesty on undisclosed foreign income. Five years on, the ATO has again flagged that underreporting of foreign income is an issue but this time the gloves are off. How you are taxed and what you are taxed on depends on your residency status…
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