The ATO has noticed some common errors made in activity statements since the introduction of ‘GST at settlement’ on 1 July 2018. These new laws require purchasers to withhold GST on settlement (and pay it to the ATO directly) generally when buying ‘new residential premises’ from developers. In particular, the new ‘GST at settlement’ law does […]
What is depreciation? As a building gets older and items within it wear out, they depreciate in value. The Australian Taxation Office (ATO) allows property investors to claim a deduction relating to the building and fixtures it contains. Depreciation can be claimed by any owner of an income producing property. This deduction essentially reduces the […]
The ATO has extended its data matching program, this time focusing on share data. The ATO will continue to receive share data from ASIC, including details of the price, quantity and time of individual trades dating back to 2014, with more than 500 million records obtained. The ATO will use the information to identify taxpayers […]
Does the idea of buying commercial property instead of renting your current business premises appeal to you? Or are you undecided whether to purchase a commercial investment over a residential property for your portfolio? It can be hard to understand the tax depreciation allowances that are available for investors of commercial property over those found […]
Are you an investor who’s heard about the benefits of depreciation and have decided to start claiming? That’s great news for your investment. Claiming depreciation will help you maximise the cash return from your investment property. As a non-cash deduction, depreciation is a quick win for investors and requires minimal effort on the owner’s end. […]
From 1 July 2018, individuals aged 65 or over may use the proceeds from the sale of an eligible dwelling that was their main residence to make superannuation contributions (referred to as ‘downsizer contributions’), up to a maximum of $300,000 per person (i.e., up to $600,000 per couple), without having to satisfy the age or […]
We all insure our cars (we even insure our pets), but how many of us have Life, TPD or Trauma insurance? Who is going to fund your ongoing living and medical expenses if you have to take time off to recover from sickness or injury? How are you going to fund your lifestyle if you […]
There is plenty of advice out there about why you should save for your future, but little that explains exactly how. One of the problems when discussing wealth creation and retirement planning is that it usually involves words rather than numbers. People say they want to ‘build a retirement nest egg’ or ‘make sure I […]
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