by Garry Wolnarek | 1 Sep 2015 | General, Small Business, Tax Planning
If I have a general pool and the opening balance is $18,000 as at 1/7/14. I then I add an assets worth $5,000 (assume 100% business) purchased during the year. My depreciation deduction normally was $6,150 (30% on $18,000 + 15% on $5,000) and therefore the closing...
by Garry Wolnarek | 7 Aug 2015 | General
If you have changed your name since lodging your last tax return, you will need to update the changes separately before you can successfully lodge your current tax return. Previously we were able to change your name on the front page of the tax return, however this...
by Garry Wolnarek | 24 Jul 2015 | General
Adult Industry Adult industry workers – claiming work-related expenses Airline employees Airline employees Australian Defence Force Australian Defence Force members – claiming work-related expenses Australian Defence Force members Building & construction Building...
by Garry Wolnarek | 20 Jul 2015 | General, Property Taxation, Tax Planning
The Margin Scheme came about so those in the business of selling real property only paid GST on the Buy / Sell Margin – if they weren’t able to claim GST when they purchased the real property now that they are on selling. The purchaser however cannot then claim any...
by Garry Wolnarek | 15 Jul 2015 | Capital Gains, General, Property Taxation
If an Australian resident moves overseas and becomes a non-residence for taxation purposes, they can still access the Principal Place of Residence (PPR) exemption for Capital Gains Tax (CGT) indefinitely if they don’t rent out their PPR in Australia. Provided...
by Garry Wolnarek | 24 Jun 2015 | General, Tax Planning
Rates of Tax – 2014/15 Resident Individuals The following rates apply to individuals who are residents of Australia for tax purposes for the entire income year. Taxable Income1$ Tax Payable2,3 0 – 18,200 Nil 18,201 – 37,000 19% of excess over $18,200 37,001 – 80,000...
