by Garry Wolnarek | 25 Jun 2021 | General, Property Advice, Property Taxation
When it comes to investment property depreciation, people mostly focus on the building and what’s inside, but the outdoors can be depreciable too. It is important to know that not all landscaping is depreciable; there is a difference in how ‘hard’ and ‘soft’...
by Garry Wolnarek | 1 Mar 2021 | Accounting / Bookkeeping, General, Small Business, Tax Planning
Small Business Clients Business in the following industries that make payments to contractors or subcontractors needs to lodge a Taxable Payment Annual Report (TPAR) by the 28th of August each year. Black or Cash Economy Detection The TPAR is a black economy measure...
by Garry Wolnarek | 7 Oct 2020 | General, Tax Planning
Individuals Personal income tax cuts Date of effect1 July 2020 Tax thresholdsTax rateCurrentFrom 1 July 2020From 1 July 20240%$0 – $18,200$0 – $18,200$0 – $18,20019%$18,201 – $37,000$18,201 – $45,000$18,201 –...
by Garry Wolnarek | 23 Mar 2020 | Covid-19, General, Small Business
2nd Wave COVID-19 Stimulus Packages Income support for individuals & Sole Traders Over the next six months, the Government is temporarily expanding eligibility to income support payments and establishing a new, time-limited Coronavirus supplement to be paid at a...
by Garry Wolnarek | 14 Dec 2019 | General, Property Advice, Property Taxation, Tax Planning
Recently the ATO has publicly advised of a number of instances whereby property developers were jailed for GST and tax payable on property flipping.One, in particular, involved a Victoria woman who has been jailed for 2 years and 10 months for GST fraud of $1.7...
by Garry Wolnarek | 7 Sep 2019 | Capital Gains, General, Property Advice, Property Taxation, Tax Planning
After 20 years plus of preparing rental property tax returns, I’ve come up with my list of the “Top 10 Rental Property Tax Return Mistakes”. 1. Co-owned properties – Apportioning expenses and income If you own a rental property with someone...
