Accountants, Taxation, Compliance, Business Management, Logan & Hall, Swan Hill, VIC, Australia

Centenary of Administration

Wed, 16 Apr 2025 02:05:18 GMT

100 Years Combined Service

Logan & Hall is very proud of our hard working administration team. As a group they have just clocked up 100 years of providing excellent service to our clients.

We feel that this is an event worthy of celebrating and we would like to highlight their achievements and service.

Merryn Stacey has been with Logan & Hall since 1994 and has 30 years of service. Merryn started out when the office was located in Beveridge St and it is bit of a running joke in the office that she had a perm way back then.

Merryn now looks after all the companies within the office preparing all the annual returns and company notices or changes. Her other main responsibility is getting all the BAS information in for many of our clients. Chances are, she has called you to ask to get your info in!

Jodie Cunningham started in 2001 and has been with Logan & Hall for over 23 years. Jodie started out as an office junior fresh out of school as her first job.

Jodie looks after the technology in the office and used to spend many weekends at work updating our old server software and getting ready for the new tax season each year. Thankfully, with everything online, that stuff is no longer required. Jodie now makes sure everyone’s computer is working as it should. Her other responsibility is to chase up the BAS work for many clients to make sure that they get done and lodged on time.

Kim Lobe has been with Logan & Hall since 2003 clocking up over 21 years of service. Prior to 2003, Kim worked for Logan & Hall for a separate nine-year stint. She left to seek out greener pastures in 2001 to return to Logan & Hall in 2003.

Kim provides great assistance to Gary as she helps him take care of the many admin functions and tasks that pop up everyday. Her other main responsibility is to help plan and organise the workflow of annual tax jobs each year. She ensures that the work is in so that our accountants are kept busy.

Jacey Koetsveld commenced with Logan & Hall in 2006 and has completed a little over 19 years of service. Jacey’s first experience with Logan & Hall was to come to our Christmas party before she had commenced work. It was a fun night, and we are glad she decided to stay with us after that.

Jacey helps Andrew with many odd jobs and keeps him organised and on track. She is also responsible for managing annual tax workflow and sending out the many business tax returns for signing whether by mail or electronically.

Amber Norton started back in 2018 and has just clocked up 7 years of service with Logan & Hall. Amber started with us when Michelle Bryan went on maternity leave. At the time, Michelle had been with Logan and Hall for over 10 years.

Amber sits at our reception desk and is the first point of contact for many of our clients who call or come into the office. She also looks after the continual flow of correspondence from the Tax Office. Her other main role is looking after the administration of our Self-Managed Super Funds. Amber is likely the one to call you to get your Super Fund annual tax information in.

Chances are you will have been greeted on the phone or in the office by one of these friendly and efficient team members. Please join us in thanking them for their ongoing support of our business and yours.

Farewell Deryn

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Fri, 08 Sep 2023 01:55:58 GMT

Deryn worked for Logan & Hall for over 32 years. She was originally employed in an administration role which she continued to do until she left in 1984 to start her family having children Jane and then David. Deryn returned to Logan & Hall in around 1990 as the Office Manager where she also completed some accounting courses. Deryn eventually went onto managing all the office Self-Managed Super Funds including preparation and lodgement of these returns.

During her time at Logan & Hall, Deryn built strong relationships with her clients and will be missed by them we’re sure.

Outside of work, Deryn is also well known in the Swan Hill Community with her involvement with the Swan Hill Show and Swan Hill Women in Racing. Deryn could also be found on the golf course. You may have even shared a glass or two of bubbles with Deryn along the way.

We treasure the many years we have had with Deryn both at work and personally. She will be missed around the workplace, but we will be keeping in touch.

Deep will now be managing the Self-Managed Super Funds and can take care of any queries you may have.

2023-24 Federal Budget Announcements

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Fri, 02 Jun 2023 03:21:55 GMT

The Federal Budget was handed down on the 9 May, 2023, outlining a number of changes that impact businesses, tax & superannuation.

Small Business Instant Asset Write-Off Returns

The instant asset write-off will return for the 2023-24 financial year (1 July 2023 to 30 June 2024). If you buy an asset to use for business purposes and it costs less than $20,000, you can immediately deduct the business portion of the cost in your tax return. This deduction is available for each asset that costs less than $20,000.

Quarterly Tax Instalments For GST & Income Tax Halved

Eligible small businesses will halve the increase in their quarterly tax instalments for GST and income tax in 2023‑24. These instalments will only increase by 6 per cent instead of 12 per cent to ease the financial burden on small businesses during these economic conditions.

Petroleum Resource Rent Tax Reforms

The Petroleum Resource Rent Tax is to be reformed to ensure a fairer return to the Australian community from Australia’s liquefied natural gas resources while providing certainty to industry and investors to support the domestic gas supply.

The PRRT is a 40% tax on the profits generated from the sale of marketable petroleum commodities above a specified rate. However, this is often reduced by the concessions for the expense of exploring and developing gas fields, which can be carried forward and deducted as tax credits against future liabilities.

Tax Return Amendment Period To Be Extended From 2 Years To 4 Years

Previously, tax returns could only be amended up to 2 years after they were lodged. This is to be increased to 4 years.

Lower Tax Concessions For $3 Million Or More Superannuation Balances

From 1 July 2025, earnings on balances exceeding $3 million will attract an increased concessional tax rate of 30 per cent. Earnings on balances below $3 million will continue to be taxed at the concessional rate of 15 per cent.

Superannuation Moves From Quarterly Payments To Payday

From 1 July 2026, employers will be required to pay their employees’ super at the same time they pay their wages. This will enable employees to track their entitlements to ensure they are paid on time and in full.

Paid Parental Leave Update

From 1 July this year, Parental Leave Pay and Dad and Partner Pay will combine into a single 20‑week payment. This is set to be increased to 26 weeks by 2026. The threshold for the income test for the family is $350,000 per annum.

Medicare Levy Low-Income Threshold Increased

The Government will increase the Medicare levy low-income thresholds for singles, families and seniors and pensioners from 1 July 2022. The increase in thresholds provides cost-of-living relief by taking account of recent CPI outcomes so that low-income individuals continue to be exempt from paying the Medicare levy.

Offsetting Business Losses in the Current Year

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Wed, 05 Apr 2023 03:00:00 GMT

A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity unrelated to you primary source of income. This type of business activity could be a hobby or lifestyle benefit.

There are separate non-commercial loss rules for sole traders and partnerships.

Sole Traders

If you are a sole trader, you need to consider the following non-commercial loss rules to work out if your loss can be offset or needs to be deferred:

Are You In Business?

Your activity must be ‘in business’ to claim a loss, determined by if it has commenced business activity.

Similar Business Activities

If you are carrying on more than one business activity and they are similar, you may group them together when considering the non-commercial loss rules. If you are running multiple business activities that are not similar, you must apply the non-commercial loss rules separately to each activity.

Excepted Activity

If your loss-making business is in primary production or in professional arts (the ATO calls these ‘excepted business activities’), and your assessable income from other sources is less than $40,000 (excluding any net capital gain), you can offset your losses from your other income.

Less Than $250,000 Income Requirement

The total of your taxable income, reportable fringe benefits, reportable super contributions and total net investment losses must be less than $250,000 for you to be eligible to offset your losses in the current year.

Pass The Four Tests

If you meet the income requirement and pass any of the four tests, you can offset your business losses against your other income in the relevant year. The four tests are;

Commissioners Discretion

If you do not meet the income requirement or any of the four tests, you can apply for the Commissioner’s discretion to allow the claim. The Commissioner will only exercise the discretion in limited circumstances if:

there are special circumstances outside your control that have prevented you from passing one of the four tests, or
because of the nature of the business, there is a lead time before your business can pass one of the four tests or make a profit.

Partnerships

If you are a partner in a partnership, you - as an individual - may offset your share of a partnership loss against your other income, subject to the non-commercial loss rules.

Income Requirement

The non-commercial losses income requirements are applied to the individual partners the same as to an individual.

Assessable Income Test

If you are a member of a partnership and all the other partners are individuals, the assessable income of the whole partnership must be at least $20,000 before the individual members can deduct losses.

Assessable income earned by an individual member from business activities outside of the partnership can only be considered by that member. Partnership members who are companies and trusts must have their share of the assessable income excluded.

If a partnership carries on more than one business activity, the income and deductions must be accounted for separately for each unless they are similar activities.

Profits Test

If you are carrying on a business activity in a partnership, you will be able to claim a loss if your income from the activity has been greater than your tax deductions for the activity

for at least three out of the past five years (including the current year) and you meet the income requirement. This

calculation must consider both your income from the partnership and any income you may have earned in your own

right from that activity.

Real Property Test

If you are a member of a partnership and all the other partners are individuals, the value of the real property used in the partnership business must be at least $500,000 before the

individual members can deduct losses. Any real property owned by partnership members that are companies or trusts must be excluded, as well as any property owned by the individual partners in their own right.

Other Assets Test

If you are a member of a partnership and all the other partners are individuals, the value of the other assets of the whole partnership must be at least $100,000 before the individual members can deduct losses. The value of any assets owned by partners who are companies or trusts, or individuals who own the assets in their own right are excluded from this determination.

When calculating a business loss for the current year, make sure you have accurately calculated the expenses you have incurred before you confirm a loss. Check that:

· your expenses are related to your business activity

· you have correctly apportioned your expenses between business and private use

· you haven’t claimed any private expenses

· you have correctly claimed your expenses and haven’t accidentally overstated them.

If you don’t meet any of the non-commercial business loss requirements, you can defer the loss or carry it forward to future years.

The area around business losses, offsetting and carrying-forward losses can be confusing. For assistance with your business’s particulars for the 2022-23 financial year,

why not speak to one of our experts?

The A to Z of why paying Tax is important.

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Wed, 29 Mar 2023 02:00:00 GMT

The truth is, we all despise paying taxes. Some people will even go to great lengths to avoid it. After all, if you earn $200,000 for the year and pay no tax on it, surely you will end up richer than the taxpayer - right?

Warning signs of a Tax Scam

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Wed, 22 Mar 2023 02:00:01 GMT

Scammers are constantly looking for new and subversive ways to trick people into giving them their money.

Impersonating trusted organisations has become a common feature of scams being sent (email, phone or text).

Unfortunately, even the Australian Taxation Office (ATO) is not safe from impersonation by fraudsters.

Social Media Scams

An alert released in January warns taxpayers to be vigilant about fake social media accounts impersonating employees, senior staff & the ATO itself.

These fake accounts ask users that interact with the ATO to send them a direct message so they can help with their enquiry. The people behind these fake accounts are trying to steal your personal information, including phone numbers, email addresses and bank account information.

The best way to verify that it’s really the ATO is to:

check how many people follow the account. The ATO’s verified Facebook and LinkedIn accounts have over 200,000 followers, and their Twitter account has over 65,000 followers.
check activity on the accounts. The ATO’s official social media channels have been operating for around 10 years – if it’s a newly created account, or only has a few posts, it’s not them.
look for the grey tick next to the username (@ato_gov_au) on Twitter and the blue tick next to their name (Australian Taxation Office) on Facebook.
make sure any email addresses provided to you end with ‘.gov.au’.

How To Identify A Scam

In the lead-up to the end of the financial year, be especially vigilant of potential tax scams lurking around you.

Some of the common features of a scam (depending on the type) are described below.

PAYG Withholding or PAYG Instalments

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Fri, 16 Dec 2022 04:12:38 GMT

As a taxpayer, you may have come across the term pay-as-you-go (PAYG).

PAYG is generally a good thing, but there can be confusion between PAYG withholding and PAYG Instalments, particularly if you're an individual who is eligible for both. Both are amounts by which your tax bill at the end of the financial year can be offset.

So there's no need to worry - the ATO is not stealing your money, Here's how to distinguish between he two types of PAYG you may have encountered as a taxpayer.

PAYG Withholding

As an employer, you have a role to play in helping your payees meet their end-of-year liabilities. You do this by collecting pay-as-you-go (PAYG) withholding amounts from payments you make to;

your employees
other workers, such as contractors that you have voluntary agreements with
businesses that don't quote their Australian business number (ABN).

This is to assist in minimising the impact of your employees's tax bill at the end of the financial year. If you're an employee, there's no need to worry about this amount - it is what is used to work out how much tax you may owe or be owed by the Australian Taxation Office at the end of they year.

Payments other than income from employment may also need tax withheld, including;

investment income to someone who does not provide their TFN
dividends, interest and royalties paid to non-residents of Australia
payments to certain foreign residents for activities related to gaming, entertainment and sports, and construction
payments to Australian residents working overseas
super income streams and annuities
payments made to beneficiaries of closely held trusts.

PAYG Instalments

Pay-as-you-go (PAYG) instalments are regular tax prepayments on your business and investment income.

They're a way to offset your tax bill at the end of the financial year by paying regular instalments. This way, you should not have a large tax bill when you lodged your tax returns.

If your financial situation has changed, your expected tax may also change. This means your current PAYG instalments may add up to more or less than your tax at the end of the year.

When do you have to pay PAYG Instalments?

If you are an individual (including a sole trader) or trust, you will automatically enter the PAYG instalments system if you have all of the following;

instalment income from your latest tax return of $4000 or more
tax payable on you latest notice of assessment of $1000 or more, and
an estimated (notional) tax of $500 or more.

A company or super fund will automatically enter the PAYG instalment system if any of the following apply;

it has instalment income from its latest tax return of $2 million or more
it has an estimated (notional) tax of $500 or more, or
it is the head company of a consolidated group

PAYG Varying Instalments

You can vary your PAYG instalments if you think your current payments will result in you paying too much or too little tax for the income year. Variations must be made on or before the payment due date (28 days after the end of each quarter, generally).

You do not have to vary your PAYG instalment at all. It will not change how much income tax you pay for the year.

After you lodge your tax return, if you instalments were;

too high, the excess is refunded to you
too low, you pay the shortfall.

Your varied amount will apply for all your remaining instalments unless you make another variation before the end of the income year.

You might need to vary your PAYG instalments if the 2022 floods or other disasters impacted you.

If you cannot pay your instalment amount, you should still lodge your instalment notice and discuss a payment arrangement with the ATO. You may wish to obtain advice from a tax agent (like us) on whether you should vary your instalments.

End of the Lamington (LMITO)

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Fri, 09 Dec 2022 04:00:00 GMT

Next year's tax return may look a little different to previous years for low and middle-income earners, with an end to the Low-Middle Income Tax Offset (LMITO)

Consulting with a tax agent or professional like us can be of great assistance for tax returns and preparation for the coming year, particularly regarding any offsets or deduction you may be eligible for.

Why not start a conversation with us today?

Why do I have to fill out a Tax Return for my Deceased loved one?

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Thu, 01 Dec 2022 22:00:01 GMT

At the worst time of your life, the last thing you want to think about is tax.

When a loved one dies, however, their affairs must be dealt with at some stage. This includes their tax obligations.

To deal with a deceased loved one’s affairs, the help of a solicitor is highly recommended. Someone will be granted the role of executor or administrator of the estate of the deceased person (this is usually stipulated in a will).

From a tax perspective, there are a few things that the executor or administrator has to do.

The Australian Taxation Office (ATO) must be contacted and informed that your loved one has passed away. When you notify them of the death, they can tell you if the person had any outstanding tax returns for prior income years.

All their financial documents must be compiled, and you must lodge a date of death (or final) tax return. This will only need to be lodged if your loved one had tax withheld from their income or had earned more than the tax-free threshold.

This final tax return differs from a normal tax return as it doesn’t cover the full financial year - it only covers up to the day that the person died. All income and tax deductions until that day are inputted into the final tax return.

There are still tax obligations that can occur after that day, such as income earned from investments or the sale of assets that may or may not be subject to capital gains tax.

In these circumstances, the executor or administrator of the estate will need to apply for a separate and new tax file number for the estate. The estate is treated as a separate taxpayer and will pay tax as if it was an adult individual resident taxpayer.

This special treatment of the estate is received for up to three tax returns after the date of death (in fact, it is for two years from the date of death).

We know that this time is very stressful, even without these additional obligations. The support of a tax professional during this process can ease the burden, as this is a role we are accustomed to taking.

2022-2023 Federal Budget: Tax Announcements

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Fri, 25 Nov 2022 03:53:25 GMT

Last month, the 2022-2023 October Federal Budget was handed down with several announcements involving tax.

These tax-related Budget measures included;

What if the Tax Office gets it wrong?

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Thu, 24 Nov 2022 23:00:54 GMT

The only two certainties in life are death and taxes, or so the saying goes.

Some may believe that the Australian Taxation Office (ATO) lives by that as its mantra. However, sometimes they may make a decision that we as tax professionals and your trusted advisers may disagree with.

So what is the process if we believe the tax office has it wrong?

First of all, a formal objection must be lodged with regard to an assessment or a decision made by the tax office. The objection must be in writing and must state the reasons why we (your tax adviser) think that the ATO got it wrong. The onus is on us to prove that the ATO is mistaken in how they’ve decided.

There are different forms for lodging an objection, and it is recommended to leave these things to the professionals (us).

Often though, the ATO will stand by their decision, but we (your tax adviser) may still not agree with it. So how do we proceed?

There is a multitude of paths you can take to seek an external review of a decision made by the ATO. The most common is via the Administrative Appeals Tribunal (AAT).

The AAT conducts reviews of the decisions made by a number of Commonwealth Government departments, and while it is not a court as such, it is still able to provide you with an answer. A solicitor is not required to represent you when dealing with the AAT, but it is recommended due to the higher success rate of having representation when presenting your situation.

Further to the AAT, if you or the ATO still disagree about the situation’s answer, the matter can be progressed to the Federal Court. This is an expensive process that does require legal representation.

A matter that progresses to the Federal Court is usually reserved for disputes of many tens of thousands of dollars (at the very least). If you so desire, you can bypass the AAT and opt to take it straight to the Federal Court.

A single judge will hear your case initially in the Federal Court. If one of the parties still does not like what the answer is, they may allow you to appeal to the full Federal Court where there will be three judges to listen to your case.

If leave is granted, your matter may be heard by the highest court in the land, aptly named the ‘High Court’. In The Castle, this is the court where Darryl Kerrigan presented his case to save his home.

Very few taxation cases end up in High Court, but those that do are often extreme

What is the tax treatment of Insurance payouts from a natural disaster?

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Tue, 01 Nov 2022 22:00:00 GMT

The weather in Australia can be unpredictable, resulting in intense conditions that can cause

damage and harm to their surroundings.

Over the last few years, extreme weather conditions (such as fire, floods and intense storms) in some parts of the country have resulted in extreme damage. If this occurs, individuals need to determine the tax treatment of any insurance payouts or relief payments they may receive.

Usually, individuals are unlikely to experience tax consequences for payments for personal property or assets in events such as these. Personal property or assets include your family home and household assets.

Finding the RIght Tax Strategy for Life Insurance

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Tue, 25 Oct 2022 22:00:00 GMT

The type of cover, deductibility of premiums and treatment of claims make life insurance a complex topic for tax. It’s a topic that professionals and businesses alike seek assistance from accountants.

SPECIAL TAX TREATMENT OF POLICIES HELD FOR BUSINESS PURPOSES

Some tax concessions are available to life insurance policies held for business purposes, including buy/sell agreements and those covering revenue lost in the event of the death or disablement of a key person.

In such cases, policies are generally held by the business with premiums tax-deductible to the business. However, claim payments are generally regarded as income or a capital gain, depending on the purpose of the cover, and therefore subject to appropriate tax. FBT can also apply where a business pays ownership protection premiums on behalf of individual owners.

TAX ON LIFE CLAIMS PAID THROUGH SUPER

Death benefits paid through super are generally tax-free if paid to a dependent (a term strictly defined under the law). Benefits paid to non-dependents may include a tax-free component but are likely to be subject to tax on at least some of the balance. Depending on the circumstances, the applicable rate will either be 15 or 30 per cent.

With TPD lump sum benefits, a portion is likely to be assessed as tax-free, depending on the member’s eligible service period. The remainder is subject to a tax rate that varies according to the member’s age.

Other tax-optimising strategies include taking benefits as an income stream to qualify for tax offsets, maximising the uplift in the tax-free portion of the benefit, and washing out taxable components.

Please contact us for more information.

Don't make these mistakes at tax time!

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Tue, 18 Oct 2022 22:00:00 GMT

These days, your tax return is almost like an honesty test. From Centrelink payments to health insurance, child support to bank interest, the ATO sees all and seemingly knows all.

This is because of the amount of information that is provided to them through data-matching platforms, new technologies and greater access granted each year.

One thing they don’t have access to though is your tax deductions.

It’s important to lodge an accurate tax return so you can avoid getting into hot water with the ATO. Exaggerated or “guesstimated” expense claims, or a lack of receipts and evidence, will often be flagged for investigation at the ATO.

Avoid these common mistakes involving your tax return, and you’ll be far less likely to raise a red flag with the ATO.

Do NOT Guess Or Estimate Your Income & Tax Paid

On your tax return, ensure you use accurate figures when you enter your income and the amount of tax you’ve paid.

The ATO has records of this, and they compare what you submit against the information they already have. They might not have records of some types of income like consulting or solo work, but they can see your accounts.

All of your entries must be correct and complete as out-of-place money can attract the ATO’s attention

Do NOT Guess Or Estimate Your Tax Deductions

Do NOT Fail To Declare Overseas Income

If you are an Australian resident for tax purposes (which is more complicated than just being here), you should still lodge an annual tax return in Australia even if you live and work overseas at the moment. You need to declare all your foreign employment income AND any other income you receive from that country.

Foreign income includes;

pensions and annuities
employment income
investment income
business income
capital gains on overseas assets

Do NOT Overclaim Expenses For A Rental Property Or Holiday Rental Property

There are strict rules applied to when you can and cannot claim tax deductions for the property-related expenses over the year - not all expenses can be claimed!

Do NOT Fail To Have Proof Of Purchase For Deductions

How do I know I'm a tax resident of Australia?

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Tue, 11 Oct 2022 22:00:00 GMT

Are you a resident of Australia for tax purposes? While the answer may seem simple to you, in the eyes of the ATO it can be a complicated matter entirely

Being an Australian resident for tax purposes is not necessarily the same as being an Australian resident for other purposes. Generally, an Australian resident for tax purposes is someone whose usual place of abode is in Australia.

How Do I K now If I Am An Australian Resident For Tax Purposes?

You can work out your tax residency status by passing a ‘resides’ test, meaning that your usual place of abode is in Australia.

Amongst the things that will be taken into account to determine whether you pass the ‘resides’ test are:

The intention and purpose of your stay in Australia
Your family and business/employment ties
Where most of your assets are located
Where you live and where you socialize
Whether you are physically present in Australia

Taking a residency test can also help you determine whether you are:

An Australian resident for tax purposes (which means that you have to declare all of your income from all sources worldwide)
A foreign resident (no tax-free threshold, only declare tax on income and gains derived in Australia and may not have to pay the Medicare levy) or
A temporary resident

You don’t need to be an Australian citizen or a permanent resident for immigration purposes to be considered a tax resident. And you can also be an Australian citizen and be considered a foreign resident for tax purposes.

The withholding requirements for foreign resident employees are similar to those that apply to Australian workers. However, a foreign resident:

can’t claim the tax-free threshold
is subject to special rates of withholding.

If you’re a working holidaymaker, you’ll usually be considered a foreign resident for tax purposes and taxed at a rate of 15% on the first $45,000 you earn in Australia, with the balance then taxed at ordinary rates.

If you’re a dual resident of both Australia and a foreign country with which Australia has a double tax treaty, a treaty tie-breaker test will be used to work out which country has the right to charge you tax.

If you need any further information in regards to your tax residency, please contact us .

Deductions Landlords should be wary of

jodie.cunningham@loganhall.com.au (Jodie Cunningham) — Wed, 05 Oct 2022 22:28:10 GMT

Property investors are warned to have sufficient and correct records when declaring rental income and deductions as the tax office is keeping a close eye on real estate claims once again.

In an announcement earlier this year, the Australian Tax Office announced that rental incomes and deductions are to be a key focus of tax time this year.

With more than 2.2 million Australians holding rental property investments and as much as $50 billion claimed in deductions each year (according to the latest 2018-19 taxation statistics), this area of taxation will be under particular scrutiny in the 2021-22 tax returns.

According to the Australian taxation office, four key areas will be closely examined as tax returns are lodged this year. These include;

Rental property income (such as undeclared income from renting out rooms or homes on a part-time basis)
Expenses that property investors have incurred in owning their property, including repairs, maintenance & interest payments.
If investors are residing in their second property for part of the year (such as holiday homes)
That investors are not overclaiming or claiming on items that they are not entitled to.
If any relief (in the form of grants or state government support) was claimed by the investors for the home.

Rental Property Income

The Australian Taxation Office will be looking for items on your tax return this year that could include undeclared income from renting out rooms or homes on a part-time basis, or an inconsistency in the rental schedule of the property with the income declared on your return.

You should also be wary of over-claiming when leasing your property to friends or family at below-market rents. You will not be able to claim the interest, as you will only be able to claim up to the rental income you receive.

Residing In The Secondary Property

Tax returns can become complicated if investors reside in their second property for part of the year (such as in a holiday home). These properties must be made available for rent and on the market prior to claims being made.

You cannot claim expenses for periods in which the property was being used by friends or family. You are only allowed to claim on the parts that are associated with any rent.

Repairs, Maintenance & Improvements - What Can Be Claimed?

Repairs, maintenance and expenses spent on improvements have different tax treatments when it comes to rental properties.

It’s important to correctly categorise each expense incurred to ensure it’s treated correctly for tax purposes

Keep Accurate Records

As the ATO steps up its auditing capabilities each year, you want to be sure that your records are accurate and match what you are looking to claim. If the ATO calls to ask a question about your claim, they already know the answer.

Avoid making common mistakes as a landlord when it comes to property-related claims and deductions on your return. Work together with a trusted adviser to maximise your deduction capabilities and remain compliant this tax return season.

EXAMPLES OF WHAT CAN BE CLAIMED

Repairs & Maintenance (Deductible)
painting
conditioning gutters
maintaining plumbing
repairing electrical appliances
mending leaks
replacing broken parts of fences or broken glass in windows
repairing machinery.

Improvements (Depreciation Claimed)

Improvements include work that:

provides something new – for example, adding a gazebo or carport
generally improves the income-producing ability or expected life of the property
goes beyond restoring the efficient functioning of the property.

Improvements can be either capital works, where it’s a structural improvement or capital allowances where the item is a depreciable asset.

If you require any further clarification on what can or cannot be claimed please contact us .

Does having two jobs mean more tax is paid?

Wed, 28 Sep 2022 02:45:00 GMT

It’s a common misconception that working two or more jobs will increase the tax you pay at the end of the year.

However, the Australian Taxation Office (ATO) only needs to know much your total taxable income is. They do not care how many jobs you have or how many different sources of income you have. The only truth is that the more income you earn, the more tax you pay.

Due to Australia’s tax system, the rate of tax for some of your income may be higher. When you commence a job, you have to fill out a form that helps determine how much tax is taken out of your pay each cycle (depending on whether you get paid weekly, fortnightly etc.). Generally, within the form, you would tick a box to indicate that you are eligible for the tax-free threshold of $18,200; this applies to all Australian residents. This then sets how much ‘Pay As You Go’ (PAYG) tax is deducted from pay each week/fortnight. The PAYG schedule is set by the ATO and must be followed by the employer.

For a second, subsequent job you would not tick that box about claiming the tax-free threshold as that has already been taken into account. You can only claim the taxfree threshold for one job. Therefore, the PAYG rate would be higher, so it can seem as though you are paying a higher tax rate. At the end of the financial year, when you or your accountant do your tax return, the income from all of your jobs is added together to work out how much tax is payable, less the PAYG tax you have already paid.

If you have any questions or require further advice, please contact us .

COVID-19 RATS Tests Tax Deductibility

Sun, 14 Aug 2022 21:08:07 GMT

Rapid Antigen Tests (RATs) have become a product common in homes and workplaces around the country, employed to limit the potential spread of COVID-19.

The expense of these single-use tests however made their purchase costly to employees and employers who were required to prove that they were fit to work.

However, in February 2022, the Federal Government announced that RATs used for COVID-19 testing will be tax deductible, but only if they were used to test before attending a place of work.

These will also be exempt from fringe benefits tax (FBT) for businesses if they have been purchased for work-related purposes.

There’s a lot of information circulating around about how the tax deduction is set to work. Here’s what has been clarified so far that you can take with you into your 2021/2022 tax returns:

Any test that has been bought in the 2021/2022financial year can be claimed IF there is a record of the purchase.
The FBT liability of a business would be decreased by $20 for a dual-pack of RATs, while a person on more than $45,000 (at a tax rate of 32.5%) would receive around $6.50 back in tax for a two-pack of RATs that’s worth around $20.
This legislation will be in effect from the 2021/2022 FBT and income years and will be backdated to July 1 2021.
This means that any test that was purchased after July 1 will be covered, but not tests that were bought before that day (even if the purchased test was taken in July).

In the interim, if you have incurred expenses for COVID-19 tests, you should keep a record of those expenses. Much like you would for any tax-deductible expense, receipts of any purchase of RATs need to be kept and noted.

It needs to be noted that RAT tests are only able to be claimed presently if they were bought for work-related purposes. If the tests were purchased for personal use, they are not currently able to be claimed on your tax return.

Budget Aims To Help Ease The Costs Of Living

Thu, 14 Jul 2022 21:07:33 GMT

As promised in the days leading up to the Budget the Government has provided some key initiatives aimed at softening the recent increases in the cost of living.

One-Off Cost Of Living Tax Offset

The Government has announced a one-off increase to the low and middle-income tax offset (LMITO) to raise it from $1,080 to $1,500 for the 2021-22 financial year. An increase of $420.

This payment is claimed in your income tax return if you are eligible for the payment. You need to check the table below to see how much payment you are entitled to.

Currently, the Low and Middle Income Tax Offset is available to eligible individuals who are earning less than $126,000, with different tax brackets incurring different offset rates.

One-Off Income Support Payment For Individuals

The Government will provide a one‑off, income tax‑exempt payment of $250 to approximately 6 million eligible people.

This payment will be paid automatically to all eligible pensioners, welfare recipients, veterans and eligible concession card holders in April 2022. This could result in eligible individuals earning more than $500 when combined with other existing indexation agreements on other support payments (such as the Age Pensions, Disability Support Pension and Carer Payment).

More Affordable Child Care Continues

The Government is committing $279 million in COVID‑19 support, $6.9 million in business continuity payments and support for services through Special Circumstances Grants in the Community Childcare Fund. As yet it is unclear as to the impact this will have on individual households.

Fuel Excise Cut In Half

Among the Federal Government’s announcements was the temporary action to cut fuel excise (the tax paid on fuel) to reduce this pressure on household budgets.

The fuel excise will be reduced by 50 per cent for 6 months, dropping the current excise on petrol and diesel from 44.2 cents per litre to 22.1 cents per litre. This should lead to an equivalent drop in the price of fuel.

FBT For Your Business

Tue, 14 Jun 2022 21:06:53 GMT

The end of the 2021/22 fringe benefits tax financial year has come, and it is now time for us to do our part for your returns. However, there are some items that we might need your help with, particularly if you haven’t been forthcoming with information.

COVID-19 & FBT

Due to the impacts of COVID-19 over the last financial year, your FBT return may look a little different this year. Here are some of the areas that you might need to consider:

WORKING F ROM HOME

Are you in the right mindset to take on the challenges of the business? Running a business is a lot

of hard work and requires strict disciple. Before taking on a business,

What was provided to staff to allow them to work from home?
If the employee received the use of office equipment, this becomes a residual benefit
If the employee became the owner of the office equipment, this is a property benefit
Did the employees receive any form of the electronic device to conduct their work with?

CAR PARKING

Most small businesses are exempt from paying fringe benefits on car parking. This is one of the benefits that you can provide to your staff that is tax effective. If however, your turnover is more than $10 million AND you provide your employees with a car park as a part of their fringe benefits you will need to provide us with:

How many car parks were provided
Where they were provided
Who they were provided to
When they were provided
This will need to be proven, so a record of the timeframe (days using the parking) needs to be made available.

The ATO has also revised the definition of ‘Commercial Car Parking Facility’. This means that the benefit will now also include when:

The car is parked at a business or associated premise
A commercial car parking station is located within a 1km radius; and
The lowest fee charged by the operator of any such parking station for all-day parking on the first business day of the FBT year is more than the car parking threshold.

CARS

If you have an employee who has been provided with a car as a fringe benefit, you will need to provide the following answers:

What cars were provided to the employee?
Were any vehicles purchased or sold during the year, and could they possibly be exempt?
Were these vehicles provided as a shared vehicle (among employees), as a part of a salary package arrangement or as a hire car?

You may also need to also provide a logbook (that meets the ATO’s minimum requirements) if you’re going to use the Operating Cost Method.

You should also include details of any running costs, recipient payments and any documentation that may note the changes in the pattern of use of the vehicle due to COVID (ie, driving more or less for work-related reasons).

ENTERTAINMENT

Entertainment benefits can include sustenance, entertainment leasing facilities, properties, expense payment benefits and perhaps most common of all, meal entertainment. You will need to be able to provide us with the what, why, when, where and to who the entertainment was provided to.

Meal Entertainment is one of the areas of FBT that you need to be aware of, as it can be tricky. The best way to manage it for your next FBT year is to:

Set-up an account
Capture information at data entry
Provide your employee with a cheat sheet - what is and isn’t available as a benefit, etc.

You may need to start a conversation with your accountant if you have been providing your employees and their associates with non- cash benefits and private expenses you have paid on their behalf. This is information that they will need to help prepare your tax return.

The Founder - McDonalds Story Take aways

Mon, 22 May 2017 23:00:00 GMT

The Founder - McDonalds Story T ake aways

The story of how McDonald's became a worldwide phenomenon has been turned into a Hollywood movie on the big screen. Award winning actor Michael Keaton plays "The Founder" Ray Kroc , in this nostalgic tale. You are taken back to 1954 for a delicious serving of what it took to build this grilled cash cow. The lessons provide powerful meaning still to this day and is a must watch for any entrepreneur at heart.

You might have read my previous blog on Franchising , and to follow on from that here are some of the key take aways that stood out for me in this historical business tale:

Market disruptor

Kroc was a salesman in the foodservice industry which gave him great insight on the current market offering. Traditional drive-in restaurants had large overhead costs and the customer experience was poor with slow service and often attracted trouble makers. When he saw what the McDonalds brothers had done with their own small business, it really stood out and an opportunity to disrupt the market.

Would you like fries with that?

By changing the traditional drive-in restaurant model, McDonald's had an edge on the competitors by being family friendly and offered a quick inexpensive menu. The McDonald brothers started the hamburger restaurant with 27 items, but soon realised it was too complex. They discovered that the majority of sales were in only 3 items - hamburgers, french fries and soft drinks. So they shifted focus and removed items that did not add value.

Efficiencies

Their stores were redesigned from the ground up to ensure that all parts worked together as smoothly as possible. The way in which each item was cooked and prepared was measured and refined with a stop watch. This allowed predictable results with greater quality control and they named it the Speedee Service System .

Persistence

Kroc would eventually persuade the brothers to go into business together and franchise their business model. But it was not without trials and tribulations. The fact that the brothers say they were an " overnight sensation, thirty years in the making" , goes to show that even the best ideas take a lot of hard work to execute.

Be sure to check out this movie for yourself and if you would like to supersize your business contact the accountants who know first hand what it's like to work in a McDonald's.

Click here to find where to read the rest of my blogs

Clean up with a Franchise Business

Sun, 12 Feb 2017 22:00:00 GMT

Clean up with a Franchise Business

What are you actually paying for when you buy a franchise?

We met Joe in my earlier blog series , where he looked at the option of starting a business or buying an existing one. Joe is a little frustrated by the choices and just wants to speed up fulfilling his dream. At a family gathering Joe bumps into his nephew Lee, who owns a franchise, and they get talking over a few drinks.

Joe asks "Why would you pay someone for a mop and bucket to start a cleaning business?". Lee is taken aback by his uncle's bluntness but Lee has asked himself this question before. "Look uncle Joe" Lee snaps, cutting off his uncle's banter. "There are many benefits of a franchise. It even helped me fast track my own business and I would not have been this successful in such a short time by myself". Joe finally comes around to Lee's point of view and realises he shares a similar passion. Joe leans in and says " tell me more about the benefits of franchising ".

Turnkey Business

Buying a franchise lets you operate a proven business model with a structure that has been tested and refined in the real world. Actual costs and profit margins are well established and this helps give you great insights for your expected return on investment .

Systems & Procedures

Having efficient steps to follow for each job task enables even difficult tasks to be performed by the lowest level of staff. For example McDonald's don't hire chefs to work in their restaurants. Better still, by having a standard way of doing things you are able to replicate results more consistently.

Brand Power

A franchise helps potential customers to recognise your business and associate the value of its products and services with you. This allows customers to anticipate the same level of experience when dealing with you, based on what they may have experienced elsewhere or heard about from friends & media. People will actually line up for hours just to buy the latest iPhone, or even an In-N-Out burger .

Support Network

Most franchise opportunities give you access to a broad range of benefits that you wouldn't get if you went it alone. Many franchise opportunities include training and ongoing management to ensure that you meet the returns promised in the glossy sales brochure. In addition they can provide access to reduced costs through their supply chain and larger buying power. Even to the point where most fast food chains get their stores built through prefabricated designs and literally pop up overnight.

Buyer Beware

Eagle Boys Pizza recently showed that owning a franchise can still be risky. And you also need to be wary of the restrictive nature of a franchise. You are buying into the way things are done around here and you will be paying a pretty penny in royalties for it. There is also a marketing fee to keep fuelling your brand.

"Gosh Lee, I'm glad that you know more than you let on. Is there any chance I can get you to help me clean up after this party?". "Not a worry Joe. And you best go see the taxman again, if you are going to finally make a move on your business dream".

Do you have an idea brewing for a small business? Call the barista's of books at Logan & Hall Accountants on 03 5032 1121. Because our business is more than just counting beans and we're pretty grounded in your passion, whatever that might be.

Click here to find where to read the rest of my blogs

Road house blues

Mon, 16 Jan 2017 22:00:00 GMT

Road house blues

Tax office crackdown on truck drivers

Strewth! You've been driving all day in this heat with two trailers full to the brim and then your workmate Bruce catches you at the roadhouse waiving a letter. "What the frying pan in hell's kitchen do you call this balls up?". Moments later you finally catch on that Bruce, has just been audited by the tax office and "they've dragged me over the hot coals by the bluey singlet. Who do they think I am, a bloody croc dundee movie star ?"

Turns out Bruce had been using a less-than-reputable tax man and claimed way too much in travel expenses. Two mixed grills later and Bruce confesses to not even spending as much as he was being paid for travel expenses. And most of the time, made it home so he didn't sleep over in the truck.

"Bruce, check this out" you say as you take out your new smartphone and google ATO Truck Drivers . "Says here mate, you've been doing it a bit wrong and you should follow these steps when claiming your expenses:"

You don't need to substantiate expenses if you play it by the book and in fact you may be able to claim $95.40 per day in travel expenses . But the fine print says that you need to be able to show a basis for your claims by keeping the following records:

Or better yet, try the new Tax Office myDeductions App !

Bruce, is a little gobsmacked by the whole internet in your pocket concept and says "stone the crows, where you do you get your tax done?" "Well if I tell you, you better wash me truck for a week…."

"Bruce, the tax office guidelines are tricky but they are looking at simplifying things to make it easier . It's best if you give Logan & Hall Accountants a call on 03 5032 1121 and they'll help you get back on track."

Under New Management

Mon, 12 Dec 2016 22:00:00 GMT

Under New Management

Three things to consider before buying a small business

I've been on a mission to share Joe's dream of owning his very own coffee shop. First we looked at Joe starting a business from scratch . But perhaps buying an existing small business sounds more appealing? Wrap your hands around a nice hot cup of coffee, put your feet up and take a read, as our friend Joe assesses this option.

There are three fundamentals to consider when buying a business and you really need to get them right to achieve a self sufficient profit generator:

Business valuations are about as accurate as a Melbourne real estate auction starting price . The best way of working out the value of a business is to base it on the cost of setting up from scratch. This will enable you to compare various businesses for sale & potentially set a limit on your budget. Knowing what you'd pay for new plant & equipment vs. worn down plant & equipment in an existing businesses is an obvious advantage.

If you are looking at an existing business that is more expensive than starting from scratch - why? Most likely it will relate to the goodwill of the business, the warm fuzzy feeling that keeps customers coming back. Goodwill represents intangible things like the value of existing customers & any business systems in use.

Be wary of business valuations that don't include a value for goodwill. This could indicate that the plant & equipment is overvalued, or the business isn't generating a profit .

Business performance shows how successful a business is currently running and is typically compared against industry averages. The tax office keeps a close eye on different industries and even provide you with various benchmarks to assess against.

By reviewing key financial ratios of various business candidates, you can compare:

Get the skinny on coffee shop performance benchmarks . Or better yet, click here to see an evaluation of a coffee shops business performance.

Return on Investment is the percentage you get back from the amount of money you have invested. It shows how efficient a business is, against the cost of your investment. To work out the Return On Investment (ROI), take the net profit and divide it by the cost of the business. You can then use it to compare against other businesses.

ROI is a crucial factor of owning a business, your money is at risk and could be easily invested in a fixed term account in a bank where the return is around 3%. But this is a historically low rate of return for interest rates and you could get a higher return with more risk i.e. the Australian share market has averaged 9.6% return over last 20 years .

By using the coffee shop benchmarks mentioned above, we can work out that $600k in sales would yield $72k net profit after expenses. If this business cost $200k to purchase, then this would result in a 36% ROI. Which sounds pretty good on paper, but you will need to consider the reliability of this size of return and make certain allowances for capital replacements and market trends.

Getting these fundamentals right will help you select the right business to purchase and you'll be able to enjoy all of its perks. Alternatively, if are thinking you could start a business from scratch, best click here to read my blog to help you with that.

Need a refill? Stay tuned for the final instalment where Joe looks at starting a franchise business.

Starting your business from scratch

Mon, 12 Dec 2016 22:00:00 GMT

Starting your business from scratch

Tips for entrepreneurs to make your new business a startup success

In part one of Joe's journey into business we discovered his passion for coffee and explored if he was really cut out for small business. Let's now look at what is involved in starting your own business from the ground up, to see if it's your cup of tea?

Supply and demand

You can build or buy as many different products as you like, but that doesn't mean anyone actually needs or wants to buy them from you. Joe is pretty lucky, with his business dream, as there's a constant demand for coffee, which gets customers through the door where he also sells complimentary items like macaroons, muffins, etc. What need or demand is your business going to supply?

Convey your value proposition

Your value proposition is what differentiates you from everyone else in your field. Clearly defining "Why should I buy from you?" will not only help you stand out in the marketplace, but connect your customers with your vision. Joe's too old school to be a hipster - so he aims to focus on quality products & superior customer service, to keep his customers perked up. His motto is "Taste the difference experience makes". So consider what makes you different from your competitors and why should I buy from you?

Make it a Side Hustle

Starting a business on the side, while still working as an employee, is a great way to see if your entrepreneurial idea is more than just hot steam. This is great during your initial growth phase when you don't yet have regular cash flow. You can give your business the opportunity to build regular sales to the point where it can replace your wages.

Not sure if you have enough spare time? Well STOP watching Masterchef and get some inspiration from startup guru Gary Vaynerchuk . Gary is the epitome of time management and has created unique YouTube content to build his brand. He has since launched into public speaking, publishing books and runs a media business with his brother. Gary has a unique search engine where you can quickly access tips that will help with your business.

A side gig might be all you need, as Tim Ferriss, author of four hour work week , shows in his #1 rated business podcast . He examines world-class professionals, so that you can learn from their path to success and generate value in your own business.

Start small & then scale up

Why just rent an empty shop? When you can partner with a complementary business. Joe teamed up with his local bike shop and put a cafe in the showroom - Après Vélo. Doing something like this lets you leverage an existing customer base and limit your initial outlay.

If this isn't realistic then consider bringing your goods to where the party's at with a completely mobile business like Luxury Van - that sells right to your door. Can your business go mobile?

I've covered some helpful ways to avoid the common pitfalls of starting a business from scratch . By considering these questions you'll avoid getting the jitters when the caffeine wears off.

Need a refill? Stay tuned for the next instalment where Joe looks at buying an existing business.

Do you have an idea brewing for a small business? Call the barista's of books at Logan & Hall Accountants on 03 5032 1121. Because our business is more Starting your business from scratch than just counting beans and we're pretty grounded in your passion, whatever that might be.

Skinny to Go - 5 tips on Starting Your Own Successful Small Business

Mon, 29 Aug 2016 23:00:00 GMT

Your new business idea has bean brewing but is it water tight? Consider these five questions to avoid getting burnt.

Small business can be a grind - come with us as we follow Joe on his journey to fulfil his lifelong dream of owning his very own coffee shop. Often aspiring small business owners, like you, come to a crossroad: do I buy an existing business; franchise; or, start from the ground up?

Joe like many of us these days has an appreciation for the finer things in life - like coffee! He would rather go without than circum to drinking instant coffee. Joe's pride and joy is an old Italian coffee machine that sits proudly on his kitchen bench, much to his wife's disapproval. But he adorns their house guests, treating them to his freshly made coffee.

His friend's often comment that there is nowhere in town that even comes close to his coffee and he should open his own shop. "Your wife could even sell her delicious pastries" they comment eagerly.

Joe and his wife reflect on their friends comments after they leave. Joe says "Screw it! I'm going to do it. I'm going to be my own boss." "Oh dear" Joe's wife says, with a worried look on her face. "Joe, you better go see the Accountant".

Many hours latte of Joe googling and trying to figure out what to do next by himself - his wife suggests he see a specialist ( click here to read more ). Joe goes to see his accountant and lays out his grand plan, all the while admiring the leather patches on the bean counters tweed jacket.

"Joe, I hate to be a Debbie downer but more than half of small businesses fail in the first 3 years . To overcome these odds, I always ask my clients just like you a few questions to see if they are up for the daily grind of small business:"

Accountants, Taxation, Compliance, Business Management, Logan & Hall, Swan Hill, VIC, Australia

Centenary of Administration

100 Years Combined Service

Farewell Deryn

2023-24 Federal Budget Announcements

The Federal Budget was handed down on the 9 May, 2023, outlining a number of changes that impact businesses, tax & superannuation.

Offsetting Business Losses in the Current Year

A non-commercial business loss is a loss you incur, either as a sole trader or in partnership, from a business activity unrelated to you primary source of income. This type of business activity could be a hobby or lifestyle benefit.

Sole Traders

Partnerships

The A to Z of why paying Tax is important.

The truth is, we all despise paying taxes. Some people will even go to great lengths to avoid it. After all, if you earn $200,000 for the year and pay no tax on it, surely you will end up richer than the taxpayer - right?

Warning signs of a Tax Scam

Scammers are constantly looking for new and subversive ways to trick people into giving them their money.

PAYG Withholding or PAYG Instalments

As a taxpayer, you may have come across the term pay-as-you-go (PAYG).

PAYG Withholding

PAYG Instalments

PAYG Varying Instalments

If you cannot pay your instalment amount, you should still lodge your instalment notice and discuss a payment arrangement with the ATO. You may wish to obtain advice from a tax agent (like us) on whether you should vary your instalments.

End of the Lamington (LMITO)

Next year's tax return may look a little different to previous years for low and middle-income earners, with an end to the Low-Middle Income Tax Offset (LMITO)

Why do I have to fill out a Tax Return for my Deceased loved one?

At the worst time of your life, the last thing you want to think about is tax.

2022-2023 Federal Budget: Tax Announcements

Last month, the 2022-2023 October Federal Budget was handed down with several announcements involving tax.

These tax-related Budget measures included;

What if the Tax Office gets it wrong?

The only two certainties in life are death and taxes, or so the saying goes.

What is the tax treatment of Insurance payouts from a natural disaster?

The weather in Australia can be unpredictable, resulting in intense conditions that can cause

damage and harm to their surroundings.

Finding the RIght Tax Strategy for Life Insurance

The type of cover, deductibility of premiums and treatment of claims make life insurance a complex topic for tax. It’s a topic that professionals and businesses alike seek assistance from accountants.

Don't make these mistakes at tax time!

These days, your tax return is almost like an honesty test. From Centrelink payments to health insurance, child support to bank interest, the ATO sees all and seemingly knows all.

Do NOT Guess Or Estimate Your Income & Tax Paid

Do NOT Guess Or Estimate Your Tax Deductions

Do NOT Fail To Declare Overseas Income

﻿ Do NOT Overclaim Expenses For A Rental Property Or Holiday Rental Property

Do NOT Fail To Have Proof Of Purchase For Deductions

How do I know I'm a tax resident of Australia?

Are you a resident of Australia for tax purposes? While the answer may seem simple to you, in the eyes of the ATO it can be a complicated matter entirely

How Do I K now If I Am An Australian Resident For Tax Purposes?

Deductions Landlords should be wary of

Property investors are warned to have sufficient and correct records when declaring rental income and deductions as the tax office is keeping a close eye on real estate claims once again.

Rental Property Income

Residing In The Secondary Property

Repairs, Maintenance & Improvements - What Can Be Claimed?

Keep Accurate Records

EXAMPLES OF WHAT CAN BE CLAIMED

Does having two jobs mean more tax is paid?

It’s a common misconception that working two or more jobs will increase the tax you pay at the end of the year.

COVID-19 RATS Tests Tax Deductibility

Rapid Antigen Tests (RATs) have become a product common in homes and workplaces around the country, employed to limit the potential spread of COVID-19.

Budget Aims To Help Ease The Costs Of Living

As promised in the days leading up to the Budget the Government has provided some key initiatives aimed at softening the recent increases in the cost of living.

One-Off Cost Of Living Tax Offset

One-Off Income Support Payment For Individuals

More Affordable Child Care Continues

Fuel Excise Cut In Half

FBT For Your Business

The end of the 2021/22 fringe benefits tax financial year has come, and it is now time for us to do our part for your returns. However, there are some items that we might need your help with, particularly if you haven’t been forthcoming with information.

COVID-19 & FBT

WORKING F ROM HOME ﻿

CAR PARKING

CARS

ENTERTAINMENT

The Founder - McDonalds Story Take aways

Clean up with a Franchise Business

Clean up with a Franchise Business

What are you actually paying for when you buy a franchise?

Road house blues

Road house blues

Tax office crackdown on truck drivers

Under New Management

Under New Management

Three things to consider before buying a small business

Starting your business from scratch

Starting your business from scratch

Do NOT Overclaim Expenses For A Rental Property Or Holiday Rental Property

WORKING F ROM HOME