Category: Blog

About time someone acknowledged accountants!!!!! Wow. I have been saying the things pointed out in the article below for the last 3 months. I think accountants have been the forgotten profession in all this since the whole system is reliant on accountants and tax agents to make the government incentives work. What annoys me the…

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The ATO does have a heart!

So, the ATO does realise the pressure it puts on accountants and taxpayers with the never-ending deadlines! Here is an extract of its recent decision regarding lodgement deadlines for SMSF’s for the 2017 financial year: This week the ATO announced that it will extend the due date for lodgment of self-managed superannuation fund (SMSF) annual…

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Rental Properties -No more deduction for travel expenses

From 1st July 2017 the government will disallow deductions for travel expenses related to inspecting, maintaining or collecting rent for residential rental property. This measure will not prevent investors from claiming a deduction for costs incurred in engaging third parties, such as real-estate agents, for property management services.

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First home superannuation saver scheme

Voluntary superannuation contributions of up to $15,000 per year, and $30,000 in total, can be contributed by first homebuyers from 1st July 2017. The contribution must be within existing concessional and non-concessional contribution caps. Concessional contributions and their earnings will be taxed at 15%. These contributions can then be withdrawn, along with associated deemed earnings,…

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$20,000 immediate write-off for small business

  The government has extended the concession for small businesses with an aggregated annual turnover of less than $10 million until 30th June 2018 for this incentive. This means that small businesses we be able to immediately deduct purchases of eligible assets costing less than $20,000 first used or installed ready for use by 30…

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Tax tables

Like to know your tax rates? Please find in this blog the Australian 2016/2017 Tax Rates and Table. Taxable Income                     Tax on Income  $0 – $18,200                         Nil  $18,201 – $37,000                19c for each $1 over $18,200  $37,001 – $87,000                $3,572 plus 32.5c for each $1…

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