Wealth Stimulator in Springvale South, Victoria, Australia | Consultation agency

Wealth Stimulator

Locality: Springvale South, Victoria, Australia

Phone: +61 1300 060 609

Address: Springvale Plaza, Shop 16, 792-806 Heatherton Rd 3172 Springvale South, VIC, Australia

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

Likes: 188

Add/Update information

Reviews

Tags

• Tax preparation service
• Consultation agency
• Accountant
• Financial service

25.01.2022 Rental property owners: Whether you use a tax agent or prepare your own tax return, make sure you keep proper records to support your deductions claims. Don’t miss out because of lost receipts or forgotten expenses! Get into the habit of keeping accurate records so you can claim everything you’re entitled to. Some of the records you’ll need include: contracts of purchase and sale proof of all income and expenses... details of any periods of private use by you, your family, or friends loan and refinancing documents evidence of steps taken to rent out your property. See more

25.01.2022 The process of ‘electing’ to be a family trust Trusts are an important and very useful concept for managing one’s financial affairs, as well as estate planning. The pros and cons of ‘electing’ to be a family trust A trust is established whenever there is a separation of the legal ownership (for example, the name appearing on a land title) from the beneficial (equitable) owner of an asset (in other words, the person that a court would deem to be the true owner).... Legislation specifies the rules by which trust income should be calculated for tax purposes and how that income should be taxed that is, whether in the hands of the trust or the beneficiaries. Therefore trusts, if set up in the right way, can help you legally minimise some tax liabilities. Family trust elections can be made at any time, provided that from the beginning of the specified income year until June 30 of the income year immediately preceding that in which the election is made.

19.01.2022 Let us appreciate the time you have spent working with us! May Our Clients and Our Business grow and succeed even more in 2019! Happy New Year!

19.01.2022 Rental property owning clients can get regular ATO attention on initial repairs The ATO frequently re-focuses its attention 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 prope...rty works. It pays to keep in mind that generally these sorts of costs are on capital account, and therefore not specifically deductible under rules that allow for a particular deduction for repairs and maintenance costs. Instead, a deduction may be claimed for depreciation under the uniform capital allowance provisions or the capital works provisions. Make an appointment with us via 1300 06 06 09 / 0430 482 296 to avoid possible confusion and unwanted audits from the Tax Office.

14.01.2022 Our exciting move to Springvale Plaza office Please come and visit us this tax season! Shop 16, 792-806 Heatherton Road, Springvale Tel 1300 06 06 09

12.01.2022 Parliament has finally passed most of the business tax relief package announced in the last Federal Budget, but with some amendments. The legislation, which has finally passed the Senate, brings into effect the following changes for small business: Progressive cuts to the company tax rate:... - The tax rate will be progressively reduced to 27.5% from 2016-17 to 2018-19 for companies that are carrying on a business and have an aggregated turnover of less than $50 million. - The 27.5% rate for those entities will be progressively cut to 25% by 2026-27. An increase to the small business entity threshold from 2016-17: The aggregated turnover threshold for access to most small business tax concessions will be $10 million, with the exception of the below concessions. - The threshold for the small business income tax offset will be $5 million. - The threshold for the small business CGT concessions will remain at $2 million. A progressive increase to the small business income tax offset rate to 16% by 2026-27 (it is 8% for 2016-17). Contact us to make an appointment for consultation on 1300 06 06 09 or 0430 482 296.

06.01.2022 The facts about bad debt deductions A debt to a business that is unpaid and deemed to be a bad debt can be an allowable deduction as long as it was included as assessable income in the present or even a previous income year, and that it is written off as uncollectable in the same year that a deduction is claimed. But to qualify as a deduction, the debt has to be more than merely doubtful, and certain conditions must be satisfied (see this taxation ruling). The ATO says ...there is no allowable claim for the mere provision of doubtful debts, and a debt is not necessarily bad merely because time has passed without payment being made. The deduction is available under the legislation for a debt that is written-off as a bad debt in the income year, if: - It was included in the taxpayer’s assessable income in the current or former income years, or - It is in respect of money lent in the ordinary course of a business of lending money by a taxpayer who carries on that business. To claim a tax deduction, the debt must: - Be in existence (for example, no deed of release has been executed) - Be "bad, and be written-off as a bad debt in the year of income the deduction is claimed. Contact us at 1300 06 06 09 / 0430 482 296 if you require further information.

06.01.2022 It’s a busy time for scammers as we get closer to tax time. Stay scam savvy and follow our tips. Tip 1 Know the status of your tax and super affairs! It may sound simple, but you’re less likely to fall victim to a scam if you’re aware of any refunds, debts and lodgments due. Chat with your tax agent or log into our online services to check your details. Tip 2 Stay safe online by logging into our online services through our website or ATO app never via links in emails. F...or added security, update your myGov sign-in option so you receive SMS codes. Tip 3 Help protect your family and friends, especially older relatives! Warn them about tax scams and tactics so they don’t get tricked into paying money or sharing their personal info. See more tips at www.ato.gov.au/General/Online-services/Online-security

05.01.2022 FBT and cars don’t let the shine of the duco blind you to tax realities The provision of cars by employers to employees remains an issue that continues to create confusion for some business taxpayers. A not-uncommon situation is where the employer fails to identify that a car fringe benefit has been provided. FBT and cars duco blind to tax realities This is typically found in family companies or trusts where a car bought by the business is provided to one of the owners who ...is also an employee (or that person’s associate say a spouse or child). Remember, a director is still considered an employee. The ATO in the past has undertaken data matching activities with state base road registration authorities to identify newly registered vehicles under a company or trustee’s name and issue amended assessments where the car has been provided to an employee (or an associate of the employee). The default statutory formula would be adopted in calculating the resulting FBT liability. This could be costly where the car is considered a luxury motor vehicle. It is therefore important to identify whether there are any vehicles held by a business and whether they are provided for use in the personal capacity of any employee or their family members. Another issue that can present problems with respect to the provision of car fringe benefits is whether valid log books have been properly maintained (where the employer has relied on the log book method in valuing car fringe benefits). Again, this is most relevant for family businesses where record keeping may not be up to scratch. The ATO is reviewing log books being maintained for vehicles where there has been a high business use percentage. If you have adopted such an approach, it’s important that you have maintained and kept the appropriate log books. Failure to do so could result in the statutory formula method being required by the ATO to be used, which will ultimately give rise to a higher FBT bill.

02.01.2022 What clients need to know with regard to luxury car. According to the government, a vehicle is a luxury if it costs more than $66,331 (for 2018-19) or $75.526 (for fuel-efficient cars). It was $65,094 for 2017-18, with the same fuel-efficient price level. The target to be rated fuel-efficient by the way is for the vehicle to use less than seven litres of fuel per 100 kilometres.... Generally a taxpayer is required to pay luxury car tax (LCT) if they’re registered or required to be registered for GST and they sell or import a luxury car this includes retailers, wholesalers, manufacturers and other businesses that sell luxury cars. An individual (that is, a private buyer) will also have to pay LCT if they import a luxury car.