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2015/16 Federal Budget

Download the NTAA Federal Budget (PDF) This analysis includes: Changes effective Budget Night – 7.30pm (AEST) 12 May 2015 Changes effective 1 July 2015 (i.e., 2015/16 income year) Changes effective 1 July 2016 (i.e., 2016/17 income year) FBT announcements Other budget announcements

What Expenses Can You Claim as a Property Investor?

What Property Investment Expenses Can I Claim? So you’ve taken the plunge! You’ve bought that alluring investment property. And you’re more excited than a Cheshire cat with a fresh bowl of Whiskers with hundreds and thousands on top. Now what? Time to start collecting receipts, open a new manilla folder, sit down with the calculator…

3 Things to Consider if Purchasing a Property

SMSF, Tax Depreciation & TID Variation Considerations. Want to know more? ASK US about Property Investment and Capital Gains Tax at Knox Taxation and Business Advisory in Boronia. We’ll take you through the information you need to understand when it comes to SMSF, Tax Depreciation and TID Variations – as well as all of the…

Can You Actually Afford to Become a Property Investor?

Affordability, Structuring and How to Decide on Whom to Invest With… Capital Gains Tax and its ramifications don’t have to be a mystery. But if you don’t ‘get it’, ask us at Knox Taxation and Business Advisory. We’ve got the answers from all angles. Last week we talked about the basic principles of Capital Gains…

Capital Gains Tax

Are your eyes wide open, or just peeping out of the corners? At Knox Taxation and Business Advisory, your Accountants in Boronia, we’re here to help de-mystify what you think you know about Capital Gains Tax, and replace that with sound knowledge and advice. “There’s a lot of talk about buying into an investment property, but,…

New Year, New Beginnings

We’d like to thank you sincerely for supporting us, AND for trusting in us to look after you throughout 2014. It’s an exciting time coming into the Christmas break and we’ve got even more reason to celebrate! From Monday, 12th January, 2015, Knox Taxation will be moving literally two doors down the road to a…

Income Splitting & Rental Income Deductions

What’s your interest in Income Splitting? Are you maximising your potential? Are you falsely claiming Rental Property Deductions? DON’T GET STUCK BY DOING THE WRONG THING! Interest and Income Splitting Investment income is the easiest income with which to achieve effective income splitting. For tax purposes, interest income is generally considered earned by the holder…

EOFY Checklist

Get help with your End of Financial Year tax and accounting procedures and issues by tapping in to Joe Kaleb’s EOFY Checklist, published recently by Australianbiz Pty. Ltd.. You’ll find some great tips on “Planning for the 2014/2015 year” too. The website www.australiabiz.com.au also lists the new ATO Compliance aspects to consider, and you may also gain…

Are my staff employees or contractors?

You may have heard that if your employees get ABNs and call themselves contractors, then you do not have to pay their Superannuation Guarantee, Work Cover and Payroll Tax. If you think this sounds too good to be true, then you are spot on! What is the Government’s view? To truly be a contractor, you…

ATR Tax Tip – Shareholder Loans

To Document or Repay Shareholder Loans – That is the Question? If you have drawn or loaned funds from your company during the financial year, and such a loan or drawing results in you or an associate owing the company back this money, then be aware of the strict rules that apply under Division 7A…