Forbes Taxation Tax Agent Accountant Loans CPA in Melbourne, Victoria, Australia | Consultation agency

Forbes Taxation Tax Agent Accountant Loans CPA

Locality: Melbourne, Victoria, Australia

Phone: +61 415 457 172

Address: L14 380 St. Kilda Road 3004 Melbourne, VIC, Australia

Website: http://www.forbestax.com.au

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25.01.2022 Loan amount Likely decrease in repayments $150,000 $31.25 per month $250,000 $52.08 per month $350,000 $72.91 per month $450,000 $93.75 per month... $550,000 $114.58 per month $650,000 $135.41 per month Talk to us today if you would like your loan to be reviewed to bring down the repayment/interest expense.

24.01.2022 Stamp duty abolished for first-home buyers The Victorian Government has announced that stamp duty (land transfer duty) will be abolished for first-home buyers purchasing a new home with a dutiable value of not more than $600,000. This will make the existing first-home buyer 50 per cent duty reduction that applies to the purchase of a home with a dutiable value of not more than $600,000 a full exemption. Further, duty will be phased-in for eligible first-home buyers who purchase a home with a dutiable value between $600,001 and $750,000. Subject to the passage of the State Taxation Acts Amendment Bill 2017, the new measures will apply for contracts entered into from 1 July 2017.

24.01.2022 Tax return season is there...your referral is highly appreciated.

24.01.2022 Our office news in Leader newspaper article: http://tinyurl.com/pjqrhvx

23.01.2022 Just read on news.. good info.. Australia's top ten tax breaks Main residence exemption from capital gains tax: $61.5 billion Concessional taxation of superannuation earnings $16.9 billion... Concessional taxation of superannuation contributions $16.9 billion Capital gains tax discount for individuals and trusts $9.6 billion Goods and services tax exemption for fresh food $6.9 billion Goods and services tax exemption for education $4.5 billion Goods and services tax exemption for health services $4 billion Goods and services tax financial services concession $3.9 billion Concessional taxation of termination benefits $2.6 billion Exemption from interest withholding tax on securities $2.3 billion Source: 2016 Tax Expenditures Statement, Commonwealth Treasury, January 2017 See more

23.01.2022 Wondering how the budget changes your position on investment property - Call us at 1300 729 829 for obligation free discussion 1. The changes only apply to residential investment properties purchased after 7.30pm on May 9, 2017. 'Purchase' is generally defined as the date you put down a deposit on your investment property and contracts are signed and exchanged. 2. So if you already own your investment property, you are not affected. This is called 'grandfathering'. It means c...hanges are not retrospective. 3. The changes affect Plant and Equipment. A more common name for this stuff is Depreciating Assets: stoves, carpet, air con, curtains, and blinds etc. 4. If you buy a second-hand investment property, you will no longer be able to depreciate the stove, carpet etc. 5. The reason for this is simple. The government wants to stop the same items being depreciated over and over by consecutive property investors. 6. Depreciation on the building itself is not affected. 7. With a new investment property, you should still be able to depreciate the Assets because you are the first owner of them. This is one of things that will take some weeks to confirm. 8. It follows that if you bought an investment property new, lived in it for a while and then moved out and turned it into a rental property, you should be able to depreciate the Assets because you are the first owner of them. 9. Commercial property is not affected.

22.01.2022 With motivating feedback from the client and our more than a decade experience, you are ensured the best outcome possible legally. LIKE / SHARE if you like to SAVE Tax. www.iats.com.au 1300729829

22.01.2022 The ATO deadline is fast approaching for small businesses to be SuperStream compliant. SuperStream is a major government reform aimed at improving the efficiency of the superannuation system. Under SuperStream, employers must make super contributions on behalf of their employees by electronically submitting payments and data. By June 30, all businesses with employees must meet the new SuperStream requirements when sending superannuation contributions on behalf of their emplo...yees Talk to us fro more info - 1300 729 829

21.01.2022 We've got 5 vouchers each entitles you to six months free Xero subscription, if anyone of you is running the business, let me know and I can pass one to you. We get it as Xero partners and the value of it can be upto $540 each. Pass it your friends if they might benefit from it. Cheers, Shashi www.iats.com.au

19.01.2022 First Home Buyer Grant increased Changes to the FHOG for regional Victoria The Victorian Government has announced that it intends to increase the First Home Owner Grant (FHOG) from $10,000 to $20,000 for new homes built in regional Victoria and valued up to $750,000. This will apply for contracts signed from 1 July 2017 to 30 June 2020. Eligible first-home buyers of new homes in metropolitan Melbourne will continue to receive the $10,000 FHOG.... Please refer to sro.vic.gov.au/fhogchanges for further details as they become available. See more

18.01.2022 The Australian Government has introduced changes that mean if you have moved overseas and have a Higher Education Loan Programme (HELP) or Trade Support Loan (TSL) debt, you now have the same repayment obligations as those who live in Australia. This applies if you already live or intend to move overseas for a total of more than six months in any 12-month period. From 1 January 2016, you will need to update your contact details through our online services within seven days of leaving Australia. If you already reside overseas, you will need to update your details no later than 1 July 2017. From 1 July 2017, if you are living overseas and earning an income that exceeds the minimum repayment threshold, you will be required to make compulsory repayments towards your debt.

17.01.2022 At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.75 per cent, effective 4 May 2016. This follows information showing inflationary pressures are lower than expected.

16.01.2022 Superannuation was a major focus in this years budget. An overview of the key changes is summarised below. The threshold at which individuals pay higher tax on their super contributions lowered The Div 293 threshold lowered from $300,000 to $250,000 from 1 July 2017. This will limit the effective tax concessions provided to higher income individuals.... Annual cap on concessional contributions lowered The annual cap on concessional superannuation contributions will be reduced to $25,000 (currently $30,000 under age 50; $35,000 for ages 50 and over). Tax exemption on earnings supporting income streams removed The tax exemption on earnings of assets supporting Transition to Retirement Income Streams (TRISs) will be removed from 1 July 2017 (that is, income streams of individuals over preservation age but not retired). Lifetime cap for non-concessional superannuation contributions A lifetime non-concessional contributions cap of $500,000 will be introduced. The lifetime non-concessional cap will replace the existing annual caps which allow annual non-concessional contributions of up to $180,000 per year (or $540,000 every three years for individuals aged under 65). Contributions made before commencement on 3 May 2016 cannot result in an excess. However, excess contributions made after commencement will need to be removed or be subject to penalty tax. Restrictions on people aged 65 to 74 making super contributions to be removed Catch-up concessional superannuation contributions Individuals with a superannuation balance less than $500,000 will be allowed to make additional concessional contributions where they have not reached their concessional contributions cap in previous years

15.01.2022 If you rent out a room in your home, whether it be via Airbnb or another avenue, you need to be aware that this can incur capital gains tax (CGT). Many assume CGT is not on the cards because profit made from the family home (or primary residence) is usually taxfree. However, those who earn an income from a portion of the family home may inadvertently create a capital gain for the ATO to grab. How much the actual tax works out to be depends on whose name the property is taxe...d in. Although, the CGT consequences of renting out a room may be a deterrent for some, the additional income and tax deductions available make it worthwhile for others. Owners can claim a percentage of running costs such as a portion of electricity costs, repairs and maintenance to the area rented out, some of the interest on their home loan, depreciation and advertising fees. Our friendly team is ahppy to talk to you, if you need more info. Call us at 1300 729 829 Forbes Taxation

15.01.2022 Does your self-managed superannuation fund (SMSF) own a motor vehicle, artwork, wine, coins, jewellery or other collectibles? More stringent rules for how these collectible and personal use assets are managed come into effect for all funds from 30 June 2016. While its important for all SMSFs to ensure that they are compliant with the rules, funds with collectibles purchased before 1 July 2011 have had a grace period to get their house in order. This grace period ends on 30...Continue reading

14.01.2022 Wishing you a very safe holiday season ahead..

14.01.2022 Found something important for estate planning/wills: A will takes effect when you die. It can cover things like how your assets will be shared, who will look after your children if they are still young, what trusts you want established, how much money you'd like donated to charities and even instructions about your funeral. Your will can be written and updated by private trustees and solicitors, who usually charge a fee. Some Public Trustees will not charge to prepare or upda...te your will, but only if they act as the executor of your will. Other Public Trustees may only exempt you from charges if you are a pensioner or aged over 60. Check with the Public Trustee in your state or territory. Smart tip It's estimated that nearly half of all Australians die without a will, or 'intestate'. Don't let this happen to you. Make a will today. You can also buy a will kit from Australia Post, but it's a good idea to ask a solicitor to review your will to make sure everything is in order. If a will isn't signed and witnessed properly, it will be invalid. Keep your will valid and up to date as your legal rights change, specifically if you marry, divorce or separate; have children or grandchildren; if your spouse or beneficiaries die; or if you have a significant change in financial circumstances. If you die intestate or your will is invalid, an administrator appointed by the court pays your bills and taxes from your assets, then distributes the remainder, based on a pre-determined formula, which may not be how you intended your assets to be distributed. If you die intestate and don't have any living relatives, your estate is paid to the state government. In case of any queries visit us at www.iats.com.au or call 1300 729 829

12.01.2022 Get your tax return done free. If your refer five new clients to us and they lodge their return with us, we will do your basic tax return worth $110 free.

12.01.2022 We are bringing a lot of services under one roof. Now you can get assistance with getting commercial and residential loans through us. We use reputed Brokers and Banks to get you the best deal. As Forbes Taxation customer you get special service from our recommended suppliers. We are also professional partners with MYOB, Xero and Reckon/quickbooks. We can get you discounted deals from these suppliers. Let me know what other services you would like to avail through us. Thanks, Shashi www.iats.com.au

11.01.2022 Investing In property to Save Tax Residents Capital Gains and Tax One living in Australia as a permanent resident, if you purchase property as an individual and keep it as an investment for longer than 12 months, then you are subject to a 50% reduction in Capital Gains Tax when you sell the property. The other 50% is added to your income and tax is payable at the appropriate tax rate in the year the property is sold.... Negative Gearing Negative gearing simply means Tax Minimisation. When you own an investment property, you can claim expenses such as interest payments, rates & taxes, property management fees, maintenance, depreciation & building write-off against the income the property derives. If the expenses are higher than the income, the Australian Tax Office (ATO) allows you to claim the difference against other sources of income, your Pay as you go (PAYG) job for example. This is called negative gearing and is a way many investors reduce weekly contributions toward their investment properties. Tax Variation Through the ATO (Australian Taxation Office), if you are a PAYG (Pay As You Go) employee, you can complete a Tax Variation form as soon as a tenant signs a lease, and claim your negatively geared tax refund from your employer on a weekly or fortnightly basis, rather than covering the shortfall yourself and claiming back at the end of the financial year. Tax savings should always be viewed as a secondary bonus, and not your prime purpose for purchasing an investment. Capital growth is what you are after and as long as your property is growing by more than double that of your after-tax weekly contribution that is deemed a sound investment. Note: this is general advice and not recommended for any individual unless you have spoken to us and taken our advice, please call us at 1300 729 829 for discussion.

11.01.2022 Wish you all a very happy Diwali...

10.01.2022 Good news! Fees for basic income tax individual return now starts from $85 (was $108 last year), make the best use of it and we can also do your free checkup on your home loan to potentially save $$$

10.01.2022 Do you earn any income overseas? Bank Interest on savings abroad, rent etc. If you are an Australian resident and earn income from overseas, you will generally need to declare that income in your Australian tax return. If you have paid tax in a foreign country on that income, you might be able to claim a foreign tax offset to reduce your Australian tax liability.... We can make it simple for you..talk to us for more information.

10.01.2022 Do you want to get more ideas on how to save tax with the SMSF. It may be a really powerful tax saving tool for high income earners. Talk to use for free advice on if it suits you.

09.01.2022 We take pride in serving our clients and try nothing else than the best, happy clients happy business..

09.01.2022 Good news for first home buyers in the budget.. You can now use your super fund as a tool to save the deposit.. At the same time save 30% tax. Talk to us for more information at 0415457172

08.01.2022 The Reserve Bank of Australia has today announced the outcome of its board meeting and it has decreased the cash rate by 25 basis points. The official cash rate is now 2.0%. In taking this decision it appears the Reserve Bank has reacted to growing concerns around the Australian dollar, modest economic growth and lower CPI figures . This decrease is likely to spark a fresh round of competition amongst lenders so it is a great time to borrow or review your current finance arrangements.

07.01.2022 You may be able to claim an 18% tax offset on super contributions of up to $3,000 you make on behalf of your non-working or low-income-earning spouse. Talk to us to find out more 1300729829

06.01.2022 Do you own investment property ? Thinking about renting out your property or selling it ? Know your Tax Obligation now ! Contact us at Forbes Taxation and we can discuss on phone or in person and help you in the tax process. A small step can save you $$$ Call at 1300 729 829 or 0415457172

06.01.2022 Wish you all great happiness during the festive season.. We will be closed during the period of 23/12/2014 to 11/01/2015.

04.01.2022 Offering free consultancy to all the existing and new clients, if they are planning to buy an investment property or want to know about the Self Managed Super Fund - SMSF. Contact me at [email protected] www.iats.com.au. 03 8385 9137

04.01.2022 Update from budget: The Government is lowering the tax burden to 1.5 per cent for small business owners (to qualify your turnover each year must be under $2 million). This 96 per cent of all businesses in Australia. Any assets under $20,000 that small business owners buy (as of tonight) they can instantly write off. The aim is to encourage anyone to have a go and invest.

04.01.2022 DEEPAWALI signifies the win of truth over evil. May Lord bring all auspiciousness in your life. Wishing you a very Happy Deepawali. Regards.. Team at Forbes Taxation CPA

03.01.2022 We are here to offer tax refund services to you. Call us to discuss how we can help you. 03 8385 9137, 0415457172 or email [email protected]

03.01.2022 Tax saving in budget - if you make more than $80,000 /year - For individuals, the 32.5% tax rate will now apply to taxable incomes up to $87,000 instead of the current $80,000. This will save around $315

01.01.2022 Case Study | Small Business Saves $8,108 Tax Peter is a small business owner who wants to save tax and reduce his child maintenance payments. Facts: ... Peters business has a taxable income of $77,000 and is growing (taxable income is expected to double next year). Peter is divorced and pays child support of $12,000 per year. Advice: Home office occupancy costs business operated from home (seeing clients, administration, etc.). Rollover from sole trader to company Move to company structure for asset protection purposes and to take advantage of the 27.5% company tax rate. General pool balance less than $30,000 Write-off the $30,000 general pool balance. Gift to clients. Results: Peter saves $8,108 tax (taxable income reduced by $23,501). Child support payments are reduced by $6,000 pa. Talk to us to get personalised advice.