News

Claiming self education expenses

Claiming self-education expenses

August 2, 2018

The value of a good education is widely accepted, and it is a common experience over one’s working lifetime to find that further learning is required along the path of one’s chosen career. Changing technology and evolving workplaces means that at some stage in every taxpayer’s life, an educational re-boot could become necessary — as…

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Changing a will after death

Changing a will after death?

August 2, 2018

A deed of family arrangement can make it possible! There are times when the terms of a deceased’s will are not suitable and the beneficiaries involved seek to have the will varied. There are various situations where this may be the case, such as changing circumstances over a long period of time from when the…

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How to deal with SMSF trustee disputes

How to deal with SMSF trustee disputes

August 2, 2018

Everyone goes through the odd rough patch in their relationships with one another and SMSF trustees are no different. However the ramifications of a dispute between trustees are likely to have more wide ranging affects than the average quarrel between friends because SMSF trustees have vested interests, established duties and legal responsibilities towards the fund,…

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Your claim for a business tax loss can be denied

Your claim for a business tax loss can be denied

August 2, 2018

Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses — there are circumstances where the ATO is legitimately able to deny such claims. The ATO has the discretion to disallow…

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Let a GST credit slip through the cracks

Let a GST credit slip through the cracks? All is not lost!

August 2, 2018

Most small business owners stay on top of their GST refunds, mainly because of cash flow concerns, but it’s not all that uncommon to now and then lose track of a credit. What quite a few small business owners may not know is that you have four years to claim any GST credit you’re entitled…

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A tax boost for low and middle income earners

A tax boost for low and middle income earners

August 2, 2018

If you or anyone you know are earning income at lower or middle income levels, there’s a new tax offset that has been available since July 1 that was originally announced in the 2018 federal budget last May. But no-one will see any benefit from the new Low and Middle Income Tax Offset (LMITO) until…

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Retired and asset rich but cash poor? The pension loans scheme may help

Retired and asset rich but cash poor? The pension loans scheme may help

July 19, 2018

To help pensioners who are rich in assets but poor in income, the  government launched a version of a commercially available  inancial product, the reverse mortgage. The government’s answer for pensioners who find themselves in the above situation is its pension loans scheme (PLS), whereby a pensioner can apply for a nontaxable loan using some form…

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PLAN AHEAD: Tip to better prepare for tax time 2019

PLAN AHEAD: Tip to better prepare for tax time 2019

July 19, 2018

It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes. If you haven’t used it already, note…

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Tips for your tax return

Tips for your tax return

July 19, 2018

Before we sit down with you to go over your tax return, certain information will be needed. Of course these days pre-filling takes care of a lot of the “paperwork”, and if you wait until late-July or mid-August the ATO’s systems will most likely be able to provide most of the information from employers, banks,…

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Why now is the time to consider refinancing your home loan.

July 19, 2018

While interest rates have been at historic lows, 966,000 Australian households are estimated to be in mortgage stress and default (Digital Finance Analytics – DFA). DFA Principal Martin North says ‘the expectation is that in the next few months stress will continue to rise as mortgage rates rise’. In recent weeks, we’ve seen banks starting…

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