James Zhuang & Associates Pty Ltd in Mount Waverley, Victoria | Financial service

James Zhuang & Associates Pty Ltd

Locality: Mount Waverley, Victoria

Phone: +61 3 9802 5515

Address: Suite 203/203-205 Blackburn Rd 3149 Mount Waverley, VIC, Australia

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

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25.01.2022 Do I have to include the capital gain when I sign the contract of sales? A CGT event occurs when you enter into the sale contract. You include any capital gain on your tax return for the year of income in which the CGT event occurs. The dates you enter into the purchase and sales contracts determine which method you can use to work out your capital gain. Example: Sale contract... Aiko enters into a contract to sell land in June, the last month of the income year. The contract is settled in October, in the next income year. Aiko makes the capital gain in the income year she entered into the contract, not the next income year when settlement takes place.

25.01.2022 Depreciation Deductions Limited The Government is concerned that some plant and equipment items in residential rental properties are being depreciated by successive investors in excess of their actual value. This integrity measure will limit plant and equipment depreciation deductions to outlays actually incurred by residential rental property owners. Acquisitions of existing plant and equipment items will be reflected in the cost base for CGT purposes for subsequent invest...ors. Investors who directly purchase plant and equipment for their residential investment property after 9 May 2017 will be able to claim depreciation deductions over the effective life of the asset. However, subsequent owners of a property will be unable to claim deductions for plant and equipment purchased by a previous owner of that property. The portion of the purchase price that reflects the value of these items will simply form part of the cost base of the property and will reduce capital gains made on future disposal of the property. These changes apply on a prospective basis, with existing investments grandfathered. Plant and equipment forming part of residential investment properties at 9 May 2017 (including contracts already entered into) will continue to give rise to deductions for depreciation until either the investor no longer owns the asset, or the asset reaches the end of its effective life. Plant and equipment items are usually mechanical fixtures or those that can be easily removed from a property such as dishwashers and ceiling fans.

25.01.2022 What happens if I dont register for GST and my sales exceed $75,000? You must register for GST if your business or enterprise has a GST turnover (gross income minus GST) of $75,000 or more. If youre not registered for GST, check each month to see whether youve reached the threshold, or are likely to exceed it. If your turnover exceeds the relevant threshold, you must register within 21 days of reaching it.

25.01.2022 Amnesty for Employers Superannuation Guarantee Update On 24 May 2018, the Minister for Revenue and Financial Services announced a 12 month Superannuation Guarantee Amnesty (Amnesty), subject to the passing of legislation, which will apply retrospectively from 24 May 2018 to 23 May 2019. The Amnesty is encapsulated in the Treasury Laws Amendment (2018 Superannuation Measures No 1) Bill. The Amnesty will provide an opportunity for employers to self-report and correct previo...Continue reading

24.01.2022 3765James ... $797.90 $65.10 $14.10 $877.10 $438.55$22,804.60 $1,203.00 $601.50 $98.20 $49.10 $21.20 $10.60 $1,322.40 $661.20$34,382.40$330.60$17,191.20 6567 20177165.5 20197166 20217166.5 20237167 SCV 2001226; 14310310 asset test 201711 25 54.25 37.5 81.6 37.5 96 45 74.25 57.5 101.6 57.5 116 Granny Flat 135 65Bye-Bye means test $164 $1,918.20 $82 $959.10 $4,264 $49,873.20 $292 $2,936.80 $146 $1,468.40 $7,592 $76,356.80 $73 $734.20 $3,796 $38,178.40 Deeming deeming rate 201671 $49,200 1.75%3.25% $81,600 1.75%3.25% 3470+ 34

24.01.2022 Changes you need to know for July 1 The beginning of the financial year will bring changes affecting almost everyone. Heres what you can expect. The Fair Work Commission announced a 3.5 per cent increase to minimum wages. This will bring the national minimum wage to $719.20 per week, on the basis of 38 ordinary hours per week, or $18.93 per hour. The increase amounts to an extra $24.30. ... Plastic bag ban From July 1, Queensland and Western Australia will ban single-use, lightweight plastic bags from major retailers, bringing the states into line with the ACT, South Australia and Tasmania. Retailers will no longer be able to supply single-use lightweight plastic shopping bags less than 35 microns in thickness. Plastic bags used for bin liners, nappy bags, dog poo bags, department bags and small fruits and vegetables bags will still be available. Penalty rate changes Sunday penalty rates in the fast food, hospitality, pharmacy and retail industries are changing, following a Fair Work Commission decision last year. Full -time and part-time hospitality workers will have penalty rates decrease by 10 per cent while causal employees will continue to get the same rate. Retail workers will drop by 15 per cent with an extra 5 per cent decrease for casual workers. Pharmacy employees penalty rates will drop by 15 per cent and 10 per cent for fast food employees.

23.01.2022 5 reasons you may not have received as much back on your tax return this year Its that time of year when Australians get their tax returns back from their accountants and start to dream about how they can spend the cash. Although sometimes people get a nasty surprise and find they received a smaller refund than expected, or worse, end up actually owing the ATO money....Continue reading

21.01.2022 Almost everyone loves gifts, both giving and receiving them. And most of the time, gifts and taxes dont overlap too much. But in some cases they do, which often leads to the question of whether, or which if any, gifts are tax deductible. Heres what you need to know: First, theres a difference between tax deductible and tax exempt. There are several different kinds of gifts that are exempt from the mandatory gift tax, including gifts to your spouse, gifts to political organ...izations, paying for another persons medical or educational costs, or any other gifts that fall within the annual exemption value of $14,000 per recipient. So theres probably no need to worry about having to pay a gift tax on your familys Christmas presents. But tax deductible is different. Gifts in general are not tax deductible. In fact, there are only two kinds of gifts that can be deducted on a tax return: charitable donations and business gifts. Lets look quickly at each of those. Charitable donations are pretty much exactly what they sound like: gifts you give to a not-for-profit organization to help them to fulfill their mission. Any gifts you make to a charity are tax deductible as long as the charity qualifies to allow that to happen. A charity must be a registered 501(c)3 entity in good standing in order for donations to it to be tax deductible. Business gifts are either gifts that your business pays for or gifts that you give on behalf of your business, and some of them can be tax deductible up to a point, depending on how you handle and report them. For example: * Promotional gifts, such as pens, coozies, t-shirts, Frisbees, key chains, etc., are tax deductible as long as they have your company name clearly printed on them, cost less than $4 apiece, and are distributed widely (not just to one or two clients). * Entertainment gifts, such as concert tickets, trips, and meals, can be considered business expenses rather than gifts, and are tax deductible up to 50% of their value. *All other gifts are tax deductible up to $25 per recipient per year. (A gift to a persons spouse usually counts as a gift to that person.) The IRS keeps close track of business gifts to make sure theyre both legit and deducted correctly. If your business gives out a lot of gifts (or any gifts), make sure you keep careful records. In fact, no matter what kind of gifts you give, keep records of them and make sure you only deduct what youre allowed to. Having to pay extra taxes (or even penalties) for deducting a gift you shouldnt have could be problematic, even leading to tax debt problems in the long run. Be safe: stay aboveboard on reporting and deducting gifts.

21.01.2022 The difference between tax minimisation and tax avoidance The late Kerry Packer famously said, "I dont know anybody that doesnt minimise their tax Of course Im minimising my tax. If anybody in this country doesnt minimise their tax they want their head read. As a government I can tell you youre not spending it that well that we should be paying extra". At the heart of Packers comments lies the dilemma we face when it comes to tax. Most people I meet in my role as acco...untant and adviser understand the ethical reason to pay tax: it funds our roads, public medical facilities, public schools and more. They also dont want to wind up in a court battle with the Tax Office, as Packer did sure, he won his case, but most people find legal action expensive, stressful and time-consuming. But nor do they want to pay unnecessary tax because they havent taken advantage of legal tax minimisation options. The Tax Office has strong views on tax minimisation versus tax avoidance. Tax minimisation cannot be at the heart of how were managing our affairs otherwise the Tax Office would potentially look through arrangements and call it a sham. The Tax Office has been gradually attacking trusts and closing other loopholes for example, the so-called "Pitt Street farmers" or "Collins Street cockies" can no longer claim tax losses because their holiday house doubles as an unprofitable hobby farm. The question is, do we stop minimising tax because the Tax Office might have a problem and close a loophole? Or do we understand where the Tax Office has drawn the line this year and, understanding that it might change again next year, carefully step up to it without stepping over it? In my view its the latter. As Goldilocks discovered, its making sure the amount of tax youre paying is not too much or too little but just right.

19.01.2022 Joint Tenancy and Tenancy in Common Lately there are quite a few inquiries how they should purchase properties with their spouse. Hope the following would help them make their decision in relation to ownership. JOINT TENANCY... This is a form of co-ownership in which each Joint Tenant owns the whole of the property jointly with the other owner(s). No party has a specific share in the property. This means that the Joint Tenants must have equal interests in the property, and are entitled equally to its rents and profits. There can be two or more Joint Tenants. On the death of one Joint Tenant the surviving Joint Tenant or tenants acquire the whole property automatically by operation of law. It follows that property held in joint tenancy does not form part of the estate of the tenant who dies. So a Joint Tenant cannot deal with property held in joint tenancy in his or her Will. The principle of joint tenancy applies to real estate, as well as to property like cars, shares, furniture and bank accounts. Joint tenancy is common in marriages, where the spouses want to hold the property equally, and also want the property to pass automatically to the other Joint Tenant. It is not so common in other situations. If you hold real estate as a Joint Tenant you can easily sever the joint tenancy and convert it to a tenancy in common. This is something which needs to be seriously considered in many situations especially where a marriage or de facto relationship has broken down. TENANCY IN COMMON This is a form of co-ownership in which the property is held in common with others but where, in contrast with Joint Tenants, the share of a deceased Tenant in Common forms part of the deceaseds estate and passes to the owners beneficiaries under his or her Will. Tenants in Common have fixed undivided shares in the property. Tenants in Common can have unequal shares (for example, two-thirds to one and one-third to the other). Assets held as Tenants in Common do form part of your estate and can be left by Will.

18.01.2022 3 THINGS TO LOOK FOR IN AN INVESTMENT PROPERTY Theres a lot to consider when youre looking to purchase an investment property. Before you begin its important to get yourself in the right frame of mind. Its easy to become emotionally invested but you need to put your personal feelings aside. Purchasing an investment property is about what will appeal to renters, not you. Its a financial decision based on research and future returns. Once youre ready to begin your search,...Continue reading

17.01.2022 30 TOP TAX PLANNING STRATEGIES All very legal and all effective when done correctly All taxpayers are allowed to arrange their affairs in a manner that remains legal but which minimises their taxation liabilities. So here is 30 ways to minimise the tax you pay, and to leave a few dollars in your pocket, not the tax man....Continue reading

16.01.2022 Avoid the pitfalls: A guide to property investment with an SMSF Property is an increasingly popular investment class for SMSFs. Like all investment options, this choice has its own pros and cons....Continue reading

16.01.2022 Dont forget that new rules will apply to sales of taxable Australian real property with a market value of $2 million or more on or after 1 July 2016. A 10% non-final withholding tax will be incurred unless a clearance certificate or variation certificate is obtained. If you are selling real property with a market value of $2 million or more and is:... an Australian resident vendor, you can avoid the 10% withholding by providing a clearance certificate to the purchaser prior to settlement; a foreign resident vendor, they may apply for a variation of the withholding. You may claim a credit for the withholding amount paid to the Government against the final tax assessed in the vendors income tax return. Purchasers must pay the amount withheld at settlement to the Australian Taxation Office.

16.01.2022 Government $500k super cap axed Industry groups have welcomed the Governments move to significantly alter ts plan to overhaul superannuation. The key change is to remove the planned $500,000 lifetime non-concessional cap on fund balances, and replace it with an annual cap of $100,000 ________________________________________ "These measures make the superannuation system even fairer, even more flexible and even more sustainable." Scott Morrison... ________________________________________ What are the proposed changes? The planned $500,000 lifetime non-concessional cap on fund balances, backdated to 2007 will be removed The annual non-concessional contributions cap will be reduced to $100,000 a year from $180,000. Members under 65 can bring forward up to three years ($300k) of non-concessional contributions No non-concessional contributions allowed for members with superannuation account balance of more than $1.6 million after July 1, 2017. The work test for people aged 65-74 will remain in place Ability to make "catch-up" concessional contributions delayed until July 1, 2018. How it works? You can contribute $100,000 non concessional and $25,000 concessional to your superannuation until your account balance reaches $1.6 million. You can bring forward up to 3 years non concessional contributions (up to $300,000) in any one year.

15.01.2022 Tax and accounting tips for Airbnb hosts Airbnb is a hero of the sharing economy. By matching property owners with potential guests, its an alternative accommodation renaissance. As a landlord, you set the price and conditions while guests get a personal touch and insight into the area. With all the recent chatter about the sharing economy, tax professionals have been coming to terms with how Airbnb transactions are taxed....Continue reading

15.01.2022 PCG 2016/10 FBT: Fleet cars and simplified representative average business use approach for calculating car fringe benefits for 20+ employer chosen fleets under luxury car tax threshold On Wed 19.10.2016 the Commissioner issued Practical Compliance Guideline PCG 2016/10 (Fleet Cars: simplified approach for calculating car fringe benefits). The PCG outlines a simplified approach for calculating car fringe benefits that is expected to reduce the record-keeping burden on emplo...yers with large fleets by allowing them to rely on a representative average business use percentage to calculate car fringe benefits for the fleet under the operating cost method. The PCG applies if the taxpayer meets the following criteria: the taxpayer is an employer with a fleet of 20 or more cars; the cars are tool of trade cars; the employees are mandated to maintain log books in a log book year; the taxpayer holds valid log books for at least 75% of the cars in the log book year; the cars are of a make and model chosen by the employer, rather than the employee; each car in the fleet had a GST inclusive value less than the luxury car limit applicable at the time the car was acquired; and the cars are not provided as part of an employees remuneration package (eg under a salary packaging arrangement), and employees cannot elect to receive additional remuneration in lieu of the use of the cars. DATE OF EFFECT: An employer meeting the above criteria can choose to apply the PCG to the calculation of the taxable value of car fringe benefits in the 2017 FBT year and later years. [ATO website PCG 2016/10] [LTN 202, 1/10/16]

14.01.2022 Welcome to James Zhuang & Associates! Were proud to offer you income tax and accounting services!

13.01.2022 Can I transfer my BHP shares into my SMSF? Yes, you are able to transfer your BHP shares into your SMSF as long as they are transferred at market value. Although SMSF trustees are generally prohibited from buying assets from members or related parties; an exception exists where trustees acquire listed securities at market value. How does my SMSF pay for the shares?... The shares may be transferred into the SMSF by way of a contribution by the member instead of the fund making a payment to the member from the funds bank account. In this strategy its important to review the contribution rules which include ensuring there are no age test issues (eg a work test requirement exists for members 65 years and older). There are also the annual contribution caps to consider. Alternatively a trustee may wish to make a prompt payment from the funds bank account to the member for the purchase of the BHP shares. Transfer must be at market value Importantly, the shares must be acquired by the SMSF at market value. With a listed security like BHP, obtaining a current share value is extremely easy since share prices are listed daily. The auditor will review the price used for the transfer of shares to the SMSF as part of the annual audit review. Other requirements Moreover, as with all fund investment purchases the purchase of the shares must be allowed for in the funds investment strategy. The basic administrative process to buy listed shares from a fund member is for an off market transfer form to be completed and submitted to the relevant share registry. Your adviser will be able to assist you with the steps that need to be taken. Care needs to be exercised to ensure that the shares are correctly transferred to the trustee of the fund (as trustee for the super fund). In addition if the fund is to receive dividends into its bank account, it is imperative that the banking details correctly record the super funds bank details and not that of the member.

12.01.2022 Q: I am thinking of setting up a bank account for my child. What are the tax implications? A: The Australian Taxation Office has issued a tax determination this year (TD 2017/11), setting out its approach to taxing interest on banks accounts. For income tax purposes, interest income on a bank account is assessable to the person or persons who beneficially own the money in the account. Where a parent operates an account on behalf of a child, but the ATO is satisfied that the ...child beneficially owns the money in the account, the parent can show the interest in a tax return lodged for the child. Where interest income in a bank account is assessable to a child under 18, that income may be subject to higher tax rates under the rules in Division 6AA of Part III of the Income Tax Assessment Act. For a child under 18, a tax rate of 66 per cent applies to unearned income between $416 and $1307, such as interest from savings. For income above $1307 the rate is 45 per cent. These punitive rates have been imposed to deter parents from using their children for tax avoidance. The ATO has provided some examples of how it assesses beneficial ownership. A child aged 14 has accumulated $5000 over the years from money given at birthdays and other special occasions. The childs father has placed the money in a bank account, which he operates on the childs behalf. The father does not use the money in the account for himself or others. In this case the child has beneficial ownership of the money in the account and is therefore assessable on all of the interest income. As the child is under age 18 he will be subject to higher rates of tax under the rules of Division 6AA of Part III of the Income Tax Assessment Act. In another example, a parent may open an account for a child in the childs name, with an initial deposit of $10,000. The mother is a signatory to the account and makes regular deposits and withdrawals to pay for the childs school and other expenses. Because the mother spends the money in the account as if it is her own, the ATO considers her the beneficial owner and she is assessable on the interest income. The ATO also looked at joint accounts in its tax determination. Unless there is evidence to the contrary, it is presumed that joint account holders beneficially own the money in equal shares. This might vary if there is evidence about who contributed money to the account or who used the account as their asset. For example, if one party contributed all of the money and treated all of the interest as their money, then that party would be considered to have the beneficial ownership. See more

11.01.2022 Reasonable meal and travel allowances for 2015/16 Reasonable meal and travel allowances for 2015/16: The ATO have released Taxation Determination TD 2015/14 setting out the amounts they consider to be reasonable for 2015/16 for:... overtime meal allowance expenses domestic travel allowance expenses travel allowance expenses for employee truck drivers, and overseas travel allowance expenses. Overtime meals The reasonable amount for overtime meal allowance expenses is $28.80 for the 2015/16 income year. Domestic travel A domestic travel allowance expense claim is considered to be reasonable if the amount of the claim covered by the allowance received by an employee does not exceed the reasonable amount shown in the table in the determination. Different allowance amounts apply to employees at three separate salary levels (up to $115,450; $115,451 to $205,300; and $205,301 and above), office holders covered by the Remuneration Tribunal, federal members of parliament and employee truck drivers. Employee truck drivers For employee truck drivers who receive a travel allowance and who sleep away from home, the Commissioner considers an amount of $95.40 per day to be reasonable for meal expenses. Overseas travel Where an overseas travel allowance is received, the amount claimed for expenses incurred is considered to be reasonable if it does not exceed the relevant food and drink (meals) or incidentals component covered by an overseas travel allowance shown in the determination. The overseas amounts identify the meals component and incidentals component separately.

10.01.2022 Claiming home office costs: what you can claim and what you cant The way we work is changing. Increasingly, we demand flexibility in the way we work or run our business and it is now common for people to spend at least some of their time working from home; sometimes at weekends, sometimes at night and sometimes during the day to work around commitments such as child care. If you carry out all or part of your employment activities from home, then some portion of the home offi...Continue reading

10.01.2022 10 ways to maximise your tax refund 1. WHAT TO CLAIM IF YOU WORK FROM HOME If you can wear ugg boots to work, you probably work from home; either full or part time. If this applies to you, its worth noting that a portion of your home-running expenses may be claimed as a tax deduction. The expenses that you may be able to claim include the work-related portion of:...Continue reading

09.01.2022 Rental properties: ATO focus on initial repairs The ATO is focusing on claims that investment property owners make for repairs to rental residences that it deems to in fact be improvements. The scenario where investment properties have work done on them often happens shortly after the property is purchased, and has led to the term initial repair being commonly used when discussing the tax implications of such property works....Continue reading

08.01.2022 5 Top Tips to Value your Trading Stock to Save Tax 1. Obsolete Stock Obsolete trading stock with no/low value can be written off/down and a tax deduction claimed this year. 2. Slow moving Stock Slow moving stock can be written down to net realisable value. Less stock = Less tax.... 3. Replacement Value Stock can be written down from cost to a lower replacement value; not a common adjustment but one that is more relevant these days with the stronger Australian dollar making imports cheaper. 4. Realisable Value Stock can be written down from cost to a lower realisable value. If what you can sell it for (net of selling costs) is less than what it cost you, then you can write the stockline down to the net realisable value. 5. Line by line valuation The choice of valuing stock at cost or either of the above 2 valuation methods can be applied to each and every line of your stocktake. Its quite legal to look at each line on the stocksheet and value the stock at the lower of cost, replacement value and net realisable value.

06.01.2022 15 strategies / reminders which every Trustee of an SMSF must tick off before 30th June 2018 It is your role as an advisor to handhold your Self Managed Super Fund (SMSF) clients to ensure that they do not slip up and miss something which must be done before certain crucial dates for example lodge quarterly BAS or inform movements in transfer balance account of a pension member and most importantly tick off some important items before the end of the financial year 30th June 2...Continue reading

06.01.2022 5 Top Tips to minimise Capital Gains Tax 1. Hold the asset long enough to get the CGT Discount The 50% CGT discount is not available when you sell an asset that you have held for less than 12 months. Consider deferring the disposal of these assets until the 12 months threshold has passed. 2. Capital Losses Dont forget to claim past or current year capital losses against the capital gain in the current year. Unclaimed capital losses carried forward from prior years are of...ten forgotten. 3. Small Business Concessions Consider the availability of the Small Business CGT concessions, which have the effect of reducing or deferring a capital gain arising from the disposal of a business asset. 4. Roll the gain into Superannuation You may be able to avoid paying tax on capital gains if you use some or all of the funds to make a personal superannuation contribution. 5. Roll the gain into another asset CGT law allows some taxpayers to roll over a capital gain into a replacement asset, effectively deferring the tax on the gain until the replacement asset is sold.

06.01.2022 Confusion over personal income tax changes - what are you really entitled to? The recent income tax cuts that passed through Parliament do not mean everyone automatically gets $1,080 back from the Government as soon as they lodge their income tax return. The Australian Taxation Office (ATO) has been inundated with calls from taxpayers wanting to know where their money is and how they can access the $1,080 they now believe is owing to them. What Changed? Read more at http://jameszhuang.com.au//confusion-over-personal-income-

05.01.2022 Landlords tax deductions If youre one of the many Australians who purchased a rental property during the 2016 financial year, moved out of their home and rented it out, or are using part of your home for holiday lettings, its important to know what you can and cannot claim. You dont want to miss out on vital deductions but you also dont want to cross the line and end up in the the Australian Tax Offices cross hairs....Continue reading

04.01.2022 5 common SMSF mistakes and how to avoid them There are a lot of rules and regulations when it comes to running your SMSF. There are 5 common mistakes for SMSFs and how you can avoid them. There are a lot of rules and regulations when it comes to superannuation and running your SMSF. Heres some common mistakes and how you can avoid them. ...Continue reading

03.01.2022 Are you wondering what to do what your tax refund? Some fresh ideas that could make you more financially comfortable. This year, before you race off to the shops on a spending spree, consider a few smart ways to use your tax refund. Here are a few of their ideas....Continue reading

02.01.2022 Residential rental property travel expenses From 1 July 2017, travel expenses relating to a residential investment property are not deductible. Under the new legislation, you are no longer able to claim any deductions for the cost of travel you incur relating to a residential rental property unless you are carrying on a business of property investing or are an excluded entity.... As with prior years, the travel expenditure cannot be included in the cost base for calculating your capital gain or capital loss when you sell the property.

02.01.2022 The power of social proof (or how herd behaviour can drive investment bubbles and busts) Social proof is when people follow the actions of others in an attempt to reflect the correct behaviour for a given situation. This urge to conform to established patterns or to follow the lead of perceived authority figures, trendsetters or simply people in the know is the social glue that binds people into a herd. Social proof is the underlying psychological bias that results in w...Continue reading

02.01.2022 One of ATOs largest IT projects over the last few years is Single Touch Payroll. This is where employers are required to report wages details to ATO as each payment is made. In the context of the underpayment scandals, this type of system provides ample transparency as employees are able to check their details with their myGOV a/c. ATO gets to monitor compliance of employers. Software providers such as XERO, MYOB and others are a critical part as they facilitate the connect...Continue reading

02.01.2022 Investment Seminars Are They Tax Deductible? There is a common misconception that just because you have an investment property or are thinking of purchasing one, that you can attend these seminars and then claim a tax deduction for the cost of doing so. What does the tax law say?... An expense is generally allowed as a tax deduction if it is incurred in generating income in this case rental income. So, what are the key factors in assessing deductibility? 1. Ownership you actually need to own an investment property. 2. Income you must actually be earning rental income. 3. Nexus there must be a connection between the expense and the earning of the income, e.g. you can claim a deduction for agent fees or rates when you earn rental income. In reality what does this mean? If the program/seminar relates to Tax Deduction? Increasing wealth / capital grow of properties No deduction Acquiring / sourcing properties No deduction Improving the value of your property No deduction Improving rental income Yes deductible Getting better tenants / avoiding bad tenants Yes deductible Better property management by agent/you Yes deductible Carrying out repairs (not renovations) Yes deductible Choosing and/or managing tradespeople Yes deductible Accounting and tax advice for rental properties Yes deductible If a mix of the above You must apportion* * to determine the deductible proportion, review the brochure and check the topics or ask the presenters for a split.

01.01.2022 One of ATO's largest IT projects over the last few years is Single Touch Payroll. This is where employers are required to report wages details to ATO as each payment is made. In the context of the underpayment scandals, this type of system provides ample transparency as employees are able to check their details with their myGOV a/c. ATO gets to monitor compliance of employers. Software providers such as XERO, MYOB and others are a critical part as they facilitate the connect...Continue reading

01.01.2022 Accounting Treatment of Government Subsidies As a result of the stimulus measures announced over the last few months or so, many businesses are receiving payments from the Federal or State Government. It is important that these payments are accounted for correctly. Cash flow boost... The COVID-19 cash flow boost for businesses are tax free and not subject to GST. These should be recognised separately in your accounting software. We suggest creating an ‘Other income’ account narrated ‘Cash-flow boost’. This account should be set up as ‘BAS Excluded’ or ‘Non-reportable’. This will ensure that they are not reported as income. The amount of the cash flow boost recorded as ‘Other income’ should represent the gross amount of the cash flow boost received. The business should ensure that GST amounts, PAYG withholding expense and PAYG income tax instalments are also recognised in full. JobKeeper payments JobKeeper payments are assessable income of the business that is eligible to receive the payments. They are not subject to GST. These payments should be recognized separately in your accounting software. State Government $10,000 business support grant Where businesses receive the $10,000 emergency cash grant from the Victorian government, it should also be recorded separately in your accounting software. The grant is likely to be considered to be taxable income to your business but will not be subject to GST. We suggest creating an ‘Other income’ account narrated ‘Vic stimulus grant’. This account should be set up as ‘BAS Excluded’.

01.01.2022 Here are five top tips for ensuring your SMSF is in the best shape it can possibly be next year. A sweeping raft of changes will be introduced in 2017 that self-managed super fund (SMSF) members must take into account to ensure they are making the most of their fund. The onus is on SMSF trustees to do as much as possible now to take advantage of the existing superannuation environment before the rules change. Here are five top tips for ensuring your SMSF is in the best shape ...Continue reading