XL Financial Consultants Pty Ltd in Baulkham Hills, New South Wales | Property

XL Financial Consultants Pty Ltd

Locality: Baulkham Hills, New South Wales

Phone: +61 2 8608 3433

Address: 307A / 1 Burbank Place 2153 Baulkham Hills, NSW, Australia

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

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24.01.2022 How far the SMSF Industry has come over the last few years !! Here are few statistical data from ATOs latest report. The number of self managed super funds (SMSF) has increased by 27 per cent to 509,000 in five years and have total assets of $506 billion. The SMSF sector accounts for 99 per cent of the total number of superannuation funds and 31 per cent of the $1.6 trillion total super assets in Australia, Assistant Commissioner Matthew Bambrick said.... Data from the report also shows that since 2009 the establishment of new SMSFs has averaged at almost 27,000 a year. It is estimated that for the third consecutive year SMSFs experienced a positive return on assets, of 1 per cent in 2011-12. While this is still a positive return, it is noticeably lower than returns from the previous two years. We have also seen the proportion of SMSFs with borrowings increase from 1.1 per cent in 2008 to 3.7 per cent in 2012. At 30 June 2013, SMSF borrowings were equivalent to 1.4 per cent of total SMSF assets. Notably, over the five years to 2011-12 contributions to the SMSF sector averaged $26.3 billion a year, with member contributions exceeding employer contributions by approximately two to one, Mr Bambrick said.

22.01.2022 Correcting a mistake in your lodged tax return: 'Amendment' is the term ATO use for a change made to an income tax assessment. Amendments are part of the self-assessment system. That is, just as ATO accept your tax return information at face value, in most cases ATO do the same with the information the taxpayer provide on their request for an amendment.... If it increases the tax liability, ATO generally treat it as a voluntary disclosure of unpaid tax. This means the tax payers are likely to receive concessional treatment for any penalties and interest charges that apply. The tax payer will still have to pay any outstanding tax and may have to ask for the concessional treatment of interest charges. You can authorise someone else to request an amendment on your behalf, who could be your tax agent. If you realize that an error has taken place, you can contact your tax agent or call us on 02-90164301 for making an amendment to your previous lodged tax returns.

20.01.2022 Dont miss out on Government Co-contribution up to $500: The government wants us to save for retirement. So it created the co-contribution to give us a helping hand. You may be eligible for a co-contribution if you meet all of the following criteria:... - youre a citizen or permanent Australian resident and have not held an eligible temporary resident visa at any time during the year. - your total income, including assessable income plus reportable fringe benefits and amounts salary sacrificed to super, is less than $49,488. - you earn 10% or more of your income through eligible employment and/or carrying on a business. - youll be making an after-tax contribution to your super this financial year.

19.01.2022 Car Fringe Benefit

18.01.2022 Tax time is upon us once again but for many sole traders and small business owners who manage their own books, June to July are a time of lost opportunities every year as they hustle to get invoices out, accounts reconciled, and accountants queries answered instead of focusing on the opportunities that the new financial year can bring. Get first quarter FY19 off to a fresh start with our top tips for a smooth End of Financial Year next year and every year there-after. * Know... the important dates and diarise them. Subscribe to updates from the Australian Tax Office to stay abreast of monthly, quarterly and annual due dates, legislation changes, incentives and industry specific information. * Keep track of the additional hours you are putting into accounts management throughout the year especially at tax time. The old adage never pay anyone to do something you can do yourself may be a money saver in simple economics, but if the book work is taking you away from making money, maybe its time to consider using a professional book keeper. Your accountant will have people they can recommend, and larger practices will have bookkeepers on staff. * Have a system for paper management. And stick to it. If youre a throw it all in a box and deal with it later person (Im talking to you, tradies), thats fine! You didnt do a trade to spend all day pushing paper did you? Just make sure it all goes into the same box and that someone is responsible for entering it every week while it is fresh in your mind. Money is lost, and deductions cant be made if there is no record of the purchase or its business use. * Question time Diarise a few hours every month to respond to book keepers or accountants queries and, likewise, ask your own questions about what theyre doing and why. Not only will it keep you abreast of your business position, but it will also stem the stress of tax time next year.

17.01.2022 Tax cuts on the way..

15.01.2022 Don't fall in ATO's audit trap by claiming excess and unreasonable work-related expenses This year ATO is using extensive data analysis to identify areas requiring attention across all work-related expense claims, regardless of occupation. As per one ATO publication - "We are paying particular attention to work-related expense claims including but not limited to:... - overnight travel - transporting bulky tools and equipment - the work-related use of computers, phones or other electronic devices." As a guide for taxpayers wanting to claim a work-related expense deduction, they need to satisfy the following: - they must have spent the money - the expense must be related to their job - they must have a record to prove it. For further information regarding work-related expenses specific to your occupation, please contact your tax agent or give us a call on 02-9016 4301

15.01.2022 Correcting a mistake in your lodged tax return: Amendment is the term ATO use for a change made to an income tax assessment. Amendments are part of the self-assessment system. That is, just as ATO accept your tax return information at face value, in most cases ATO do the same with the information the taxpayer provide on their request for an amendment.... If it increases the tax liability, ATO generally treat it as a voluntary disclosure of unpaid tax. This means the tax payers are likely to receive concessional treatment for any penalties and interest charges that apply. The tax payer will still have to pay any outstanding tax and may have to ask for the concessional treatment of interest charges. You can authorise someone else to request an amendment on your behalf, who could be your tax agent. If you realize that an error has taken place, you can contact your tax agent or call us on 02-90164301 for making an amendment to your previous lodged tax returns.

15.01.2022 XL Financial Consultants Suite 5 57-59 Main Blacktown NSW 2148 T: 02-90164301 M: 0413 403 621... E: [email protected] See more

14.01.2022 FBT return lodgment date changed In a recent release dated 14 January, ATO has advised changes in the lodgment due date for all tax agents lodging 2014 fringe benefits tax (FBT) returns electronically. To be eligible for the extended date, the clients must be nominated by their tax agents under the tax agents lodgment program for their 2014 FBT return on or before 21 May 2014.... Due dates for lodgment of 2014 FBT returns lodged: - electronically, the due date is 25 June 2014 - by paper, the due date reverts back to the statutory lodgment date of 21 May 2014. The due date for payment has not changed, and remains as 28 May 2014.

14.01.2022 ATO statistics suggests that, until 10 August 2014 only 50% of total individual tax returns has been lodged. This goes as a reminder to the remaining 50% taxpayers to get their 2014 tax done, before the due date as part of their yearly tax compliance. We at XL Financial Consultants Pty Ltd specialize in complex tax returns like:... - Investments Properties - Capital Gains Tax - Self Education Expenses - Motor Vehicle Claims - Business Worksheet Please give us a call at 02-9016 4301 to book an appointment to get your tax done.

13.01.2022 MAKING SURE SMSF CLIENTS GET MAXIMUM BENEFIT OF DEPRECIATION !!! Every SMSF which has borrowed to purchase property should have a depreciation schedule but many trustees (and their accountants and advisers) continue to overlook the benefits of depreciation. The best way to ensure SMSF clients are claiming the maximum deductions allowable for expenses related to property held within their super fund, is to get a Quantity Surveyors Report, based on a physical inspection of the... property. A physical inspection of the property by a tax depreciation expert ensures that all depreciable buildings, structural improvements and plant are identified and measured professionally. Depreciation expenses claimed as tax deductions -- combined with claims for additional holding costs such as mortgage interest, repairs, council and strata costs - can help the SMSF increase negative gearing from the property. As a result, the fund will pay less tax and its cash flow will be improved.

12.01.2022 SMSF What can and cant be claimed? Taxation Ruling (TR) 93/17 contains a comprehensive list of the deductions that can be claimed by a SMSF. Expenses that can be charged to an SMSF and are likely to be tax deductible include actuarial costs, accountancy fees, audit fees, bank charges, brokerage, filing fees, fines, interest, life and TPD insurance costs, valuations, property expenses, relevant training courses, relevant subscriptions, administration software and depreciati...Continue reading

11.01.2022 MAKING SURE SMSF CLIENT'S GET MAXIMUM BENEFIT OF DEPRECIATION !!! Every SMSF which has borrowed to purchase property should have a depreciation schedule but many trustees (and their accountants and advisers) continue to overlook the benefits of depreciation. The best way to ensure SMSF clients are claiming the maximum deductions allowable for expenses related to property held within their super fund, is to get a Quantity Surveyors Report, based on a physical inspection of the... property. A physical inspection of the property by a tax depreciation expert ensures that all depreciable buildings, structural improvements and plant are identified and measured professionally. Depreciation expenses claimed as tax deductions -- combined with claims for additional holding costs such as mortgage interest, repairs, council and strata costs - can help the SMSF increase negative gearing from the property. As a result, the fund will pay less tax and its cash flow will be improved.

10.01.2022 The Australian Government makes a range of income support and other payments to citizens. Many of these payments are taxable for income tax purposes and must be declared on the tax return. Assessable government payments include: - Age pension... - Newstart allowance - Youth Allowance - Austudy payment - Parenting payment (partnered) - Partner allowance - Sickness allowance - Widow allowance - exceptional circumstances relief payment - interim income support payment ATO is targeting all these support payments which is left from being reported in tax returns through its data matching process and levying penalty on such tax payers. If the tax payers are unsure about the taxability of any support payment they must consult their tax agents or can give us a call at 02-90164301 for more details.

09.01.2022 It will be interesting to see how long RBA can hold on to its lowest cash rate of 2.5% and keep the property boom heading north !

09.01.2022 The team at XL Financial Consultants hope the New Year be the time when your dreams..... turn into reality. All the unfulfilled wishes ........ gets accomplished. And all that you deserve...... be rewarded to you. Thanks for all the support extended in 2013 and wish for a stronger bonding in 2014...

09.01.2022 If you buy new residential premises or potential residential land, you now have to pay the GST directly to ATO as part of the settlement. These changes started on 1 July 2018. The amount of GST hasnt changed, just who is required to pay it to ATO. Instead of paying GST to the developer / builder as part of the purchase price you now pay it directly to ATO.... Property developers should let you know in writing when you need to withhold GST and pay it to ATO. You wont have to register for GST to make this payment to ATO. This payment can be made through a number of payment options, including in person at Australia Post. Please consult your Tax Agent or Solicitor whether these provisions are applicable to your purchase. https://www.xlfc.com.au/buying-residential-premises-or-land/

09.01.2022 Net Medical Expenses Tax Offset: The net medical expenses tax offset is being phased out from 2014 tax year. To be eligible for the offset for 2014, the tax payers must have received the offset in their 2013 income tax assessment. Similarly, those who receive the tax offset in their 2014 income tax assessment will continue to be eligible for the offset in 2015. That is the final year the offset can be claimed.... This does not apply to clients with out-of-pocket medical expenses relating to disability aids, attendant care and aged care. Those expenses can be claimed until 30 June 2019.

06.01.2022 Are you making the most of the $20K small business tax break? How does the tax break work? A small business can buy items that help run the business assets like cars, equipment or computers up to a total of $20,000 for the year and use them as an immediate tax deduction.... Given that the tax break was introduced only last financial year, its little wonder that many business owners are still tentative about the changes. In fact, research commissioned by Officeworks and H&R Block found that less than a third of Australian small businesses are fully using the $20K tax break. Most knew the tax break covered computers and cars but not many knew that heating and cooling or professional development training could also be eligible. The most common items written-off last year were internet and phone expenses (45 per cent), computers and laptops (44 per cent) and stationery (44 per cent). But far fewer business owners thought of training and development costs, licenses and usage rights, vehicles, and heating and cooling. All of these could be used as a tax deduction. This year, 31 per cent of business owners plan to buy and write off the cost of new computers and laptops, 24 per cent plan to do the same for tools and equipment, and 23 per cent for vehicles. There are certain items excluded from the tax break, such as horticultural plants, capital works, and more. If youre thinking of a potential purchase but arent sure if it will count as a tax break, you can call the us on o2-916 4301 or 0413 403 621.

05.01.2022 RBA elects to drop the cash rate by 25 basis point to 2.0%, effective 6th May 2015 Cash rate continues its descent to lowest rate in Australias history. RBAs decision was less about offsetting negative economic trends, but to further stimulate positive growth signs throughout Australias economy. RBA Governor Glenn Stevens makes special mention of the favourable lending environment:... Low interest rates are acting to support borrowing and spending, and credit is recording moderate growth overall, with stronger lending to businesses of late. Growth in lending to the housing market has been steady over recent months.Dwelling prices continue to rise strongly in Sydney, though trends have been more varied in a number of other cities. What does all this mean? With many predicting this to be the final rate cut of 2015, now is the time to consider whether your current loan is the right one for you. After todays rate cut, we can expect to see lenders adjusting rates and offering some very competitive deals to those looking to get into the property market. If youre in the market to buy your first home, invest or refinance, talk to us now so we can shop around amongst these great offers to find you the very best deal for your personal circumstances and financial goals. Call us today - wed love to hear from you and help you maximise these great rates!

04.01.2022 Dont fall in ATOs audit trap by claiming excess and unreasonable work-related expenses This year ATO is using extensive data analysis to identify areas requiring attention across all work-related expense claims, regardless of occupation. As per one ATO publication - "We are paying particular attention to work-related expense claims including but not limited to:... - overnight travel - transporting bulky tools and equipment - the work-related use of computers, phones or other electronic devices." As a guide for taxpayers wanting to claim a work-related expense deduction, they need to satisfy the following: - they must have spent the money - the expense must be related to their job - they must have a record to prove it. For further information regarding work-related expenses specific to your occupation, please contact your tax agent or give us a call on 02-9016 4301

03.01.2022 FUN FACTS ABOUT AUSTRALIA DAY: Australia Day is celebrated on the 26th of January every year, marked by most Australians with a day off due to the national public holiday, along with parties, going to the beach and attending fireworks displays. We have compiled a list of some fun and interesting facts about Australia Day and our history that you may not have already known!... The first recorded Australia Day celebrations were held on January 26, 1808 to mark twenty years since Captain Arthur Phillip raised the flag at Sydney Cove. The two animals featured on the Australian coat of arms are the Emu and the Kangaroo the reason for this being that neither animal can walk backwards, but instead can always go forwards, symbolising Australias desire to do the same. Lachlan Macquarie was the first Australian Governor to hold the first official Australia Day celebrations in 1818, to mark thirty years of European settlement. The celebrations included a thirty gun salute and a ball at Government House. Australia Day was called Foundation Day in the early part of the nineteenth century, and was typically marked by sporting events including horse racing and boat races. The first colony to declare Australia Day as a public holiday was New South Wales in 1838, on the 50th anniversary of the Sydney Cove landing. By 1888 nearly all of the colonies had declared a public holiday to celebrate Australia Day, but it wasnt until the 1940s that January 26th was agreed upon by all states as the proper day to celebrate. Do you know of any other fascinating Australia Day facts we could have included? What does Australia Day mean to you? Wed love to hear from you, so drop us a line on our facebook page or [email protected]

02.01.2022 Rising home loan approvals are another sign that the housing recovery is in full swing, meaning another cash rate cut is unlikely. However, If the unemployment continue to rise, the RBA would be unlikely to raise the cash rate this year. It will be interesting to see how long the property market in Sydney can keep heading North !! If you are considering getting a home loan call XL Financial Consultants Pty Ltd on 02 9016 4301.

02.01.2022 Its time to laugh a little bit!! An accountant goes into a pet shop to buy a parrot. The shop owner shows him three identical parrots on a perch. The parrot on the left costs $500, says the owner. Why does that parrot cost so much? asks the accountant. It knows how to do complex audits, says the shop owner. ... How much does the middle parrot cost? asks the accountant. That one costs $1,000, replies the shopkeeper. It can do everything the first one can, plus it knows how to prepare financial forecasts. The accountant asks about the third parrot. It costs $4,000. So what can that one do? he asks. To be honest, says the shop owner, Frankly Ive never seen him do anything. But the other two call him "Senior Partner" so I guess he should be worth more than double the other two".

02.01.2022 Tax Time again..

01.01.2022 Tax receipt Starting from 1 July 2014, the majority of taxpayers will receive a tax receipt as part of the annual income tax return process. This is a new government initiative to make the Australian government taxation and expenditure systems more transparent. The tax receipt will provide a breakdown of how the taxpayers have contributed towards government expenditure, and also includes information on the level of Australian government debt.... The taxpayers will receive a tax receipt, if: they have assessed income tax of $100 or more for the year 201314, and they lodged their tax return within the 18-month period from the end of the 201314 financial year. The tax receipt will be distributed with the taxpayers original notice of assessment and will only be provided for income year 201314 and later years.