Maximize your tax deduction – Businesses

In this article we explore how businesses that have turnover less than $10 million can maximise their deductions to save on tax for 2018 year and other issues they need to be aware of – deadlines, things to do etc in the coming few weeks. We will touch on employee superannuation payments, $20,000 asset write off etc

This article will apply to businesses running as sole traders, companies, trusts and partnerships.

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in News / Running A Business / Starting a New Business / Tax Advice and Planning  by Emily Yip

Maximize your tax deduction – Individuals

As 30 June is fast approaching, this is the best time to review your situation to see if you are able to maximize your income tax deduction to get back more tax refund (or reduce your tax liability) when lodging your 2018 tax return!

This article will focus on what individuals can do to legally maximize their tax deduction to minimize income tax liability. We will look into some work-related expenses, donations, tax agent fees, personal super contributions and income protection insurance in this article.

There will be a separate article for business owners so keep an eye on our website!

Note that we are only providing general advice on what items you may be able to claim as your tax deduction, the actual tax deductibility for certain items depend on your personal circumstances. If you would like assistance for your situation please contact us.

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in News / Personal Tax Returns  by Emily Yip

Superannuation Guarantee Amnesty

On 24 May 2018, the government announced the start of a Superannuation Guarantee Amnesty. The Amnesty will be available retrospectively from 24 May 2018 to 23 May 2019, subject to legislation passing.

The Amnesty gives employers a one-off opportunity to self-correct past super guarantee (SG) non-compliance without penalty. Catch-up payments made in the 12 month period will be tax-deductible.

To be eligible for the Amnesty and avoid harsher penalties the government requires employees to:

  • disclose their SG shortfall amount including nominal interest to us within the 12 month Amnesty period, and
  • not be subject to an audit of their SG for the relevant periods.

This won’t be final until the legislation is passed through Parliament however you can read more information about the government’s plan here.

Once the legislation is passed, we will be talking with clients that we believe may find this amnesty useful, or you are welcome to approach us for assistance.

in News / Running A Business / Self Managed Super Funds  by Emily Yip

Is it Goodbye to Rental Property Travel Expenses?

From 1 July 2017, an individual’s travel expenses relating to a residential investment property are not deductible, so you will not need to calculate kilometres and expenses when sending in your 2018 tax information.

Those who have commercial or industrial rental properties, or running a business of property investing will still be eligible to claim travel expenses as will companies that own residential property.

in News / Personal Tax Returns / Rental Properties  by Emily Yip