Melbourne Accounting Partners in Melbourne, Victoria, Australia | Financial planner

Melbourne Accounting Partners

Locality: Melbourne, Victoria, Australia

Phone: +61 3 9654 8584

Address: Level 1, 296 Collins Street 3000 Melbourne, VIC, Australia

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

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• Tax preparation service
• Accountant
• Financial service
• Financial planner

21.01.2022 Strange tax claims surface as Aussies ‘push the envelope’ .............................................................. Cosmetic surgery and expenses for their dogs are just some of the outlandish things Australians tried to claim as tax deductions last tax period, as the ATO increasingly cracks down on work-related expenses. One pop-glamour model attempted to claim cosmetic surgery on the basis that the procedure would prolong her working life. Really?... Another high-profile television celebrity tried to claim that the new suits he wore every night on screen should be tax deductible. The presenter even attempted to take his claim further and include the suits as a charitable donation, as he regularly gave the outfits away to charity after being worn once. People in the security profession, or people who live on farms often try to claim the cost of their dogs as a tax deduction. Sometimes that is allowable, depending on the particular situation of the taxpayer and, importantly, depending on what type of dog it is and whether it serves some kind of function in their security business or their farming business. Taxpayers who try to claim such expenses may face significant penalties and interest repayments, should the ATO pick up on their ineligible claims.

12.01.2022 5 tax-effective renovations for your investment property............. Investors may be able to receive thousands more in tax deductions on renovations by carefully choosing their fixtures, fittings and materials. Here are some tips to reduce tax paid when renovating: Invest in the kitchen not the bathroom - nearly all kitchen appliances are considered plant and equipment by the ATO, unlike many bathroom features. Carpet over tiles - contemplate carpet or floating timber ...for their floor finish, as both are defined as plant and equipment by the ATO and are considered to have a 10 to 15 year effective life, in comparison to 40 years for tiles and concrete. Small plant fixtures have significant impact - small-scale plant items with an initial value of $301 can offer an instant tax deduction Update outdoor areas - External fridges and barbecues, for example, help improve rental appeal while also providing excellent short-term tax deductions. See more

12.01.2022 The Australian Taxation Office (ATO) is focussing on contractors in the building industry, as it seeks to recoup unpaid GST and undeclared income........ The cash economy has always been on the Tax Office radar, but now under the new reporting system they introduced in 2013, building companies must report on all payments made to contractors, and the ATO is hoping to catch more contractors in their revenue net.