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July 2016 Tax, Property & Business Tips Newsletter

by | Jul 17, 2016 | Tax Planning

Maximise Overlooked Property Tax Deductions for investors
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Many investment property owners may be missing out on valuable property depreciation deductions, simply by not being up-to-speed on what is and is not depreciable.

  1. How do you make a depreciation claim?
  2. What are the typical depreciation items that be claimed
  3. Beware of initial repairs on new purchased investment properties
  4. Scrapping Assets
  5. Tax Deduction Checklist for Property
Generally speaking it seems that many property investors may not be claiming their full tax deductions, most likely because the range of items that qualify can be unexpectedly diverse.

What to bring to your return appointment

If your coming in soon to discuss your tax return for yourself or your business, come prepared with some records or access to them to help us with the preparation.

How we can help

Real Estate Buyers turned into tax collectors for higher priced properties.

New rules apply where real estate property contracts are entered into on or after July 1, 2016, but only to sale of residential property with a market value of $2 million or more.

New withholding rules on the sale of property by foreign residents 

  • This means Australian residents who are selling a taxable Australian Property with a market value of $2 million or more need to obtain a clearance certificate from the ATO, otherwise face  a 10% withholding on the sale by the purchaser at settlement.

Car Novated Leases Explained

Wrapping a car into a salary package is a popular choice. Doing so often raises the topic of novated leases. Is it work it ?

What is a novated lease?

  • Fringe Benefits Tax (FBT)
  • Why is FBT important
  • Working out the FBT
  • How you might sale tax – post-tax contributions to reduce FBT
  • What are the tax implications to the employer?

Novated lease implications in a nutshell

  • Employer outcomes
  • Employee outcomes

2016 work deductions on the Taxman’s magnifying glass.

We can help you work out whether you are entitled to a deduction for such expenses and the necessary record keeping requirements – please let us know when you come in to see us.

  • Car expenses – Transporting bulky tools
  • Travel expenses
  • Car and uniform expenses
  • Mobile phone expenses
  • Self-education expenses
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