As we near the end of the financial year, it’s wise to reflect on how you can optimise your tax position for the 2023/24 financial year. Below, I’ve outlined the factors we typically consider when reviewing a client’s position. Firstly, estimate your tax position When undertaking tax planning, the initial step involves estimating your tax …
A few weeks ago, I discussed the limitations of using monetary policy – increasing interest rates – to tackle inflation. I highlighted that only 37% of Australians have mortgages, so they are the only ones that are directly affected by higher rates. Conversely, around 30% of Australians without mortgages benefit from higher interest rates as …
Many people are attracted to borrowing to invest in property because of negative gearing tax benefits. That is, the (income) loss that an investment property generates helps reduce the amount of tax you pay on your salary or business income. However, investing in shares also offers unique tax advantages. I thought it would be …
With the uncertain economic outlook, higher interest rates and cost-of-living burdens, Treasurer Jim Chalmers has handed down his second Budget on 9 May. The Treasurer has flagged the need for ongoing spending restraint, both to repair the budget and to ensure inflation continues to ease. This blog summarises the initiatives contained in the 2023/24 Federal …
If you have a family trust that earns taxable income, there are several tax compliance matters that you must fulfil. Distributions to beneficiaries other than your spouse In 2022, the ATO issued Tax Ruling 2022/4: Income tax: section 100A reimbursement agreements. It relates to a section of tax law (S. 100A) that has always existed, …
During the pandemic, the ATO provided taxpayers with a shortcut method for claiming work from home expense deductions (given most of us were forced to work from home). In summary, you were able to claim a deduction equal to 80 cents per hour that you worked from home. Last week, the ATO announced a change …
Update: on 30/9/22 the Queensland government confirmed that it had decided to not implement the changes discussed below. Queensland announced changes to land tax in its state budget in February 2022. On 12 July 2022, it released more detail regarding how these changes will be implemented (see here). Queensland land tax to rise substantially for interstate …
You must invest in residential property primarily to benefit from the power of compounding capital growth. Any tax benefits (negative gearing) are merely a positive consequence of this investment, not the reason for it. That said, of course it makes sense to maximise your taxation deductions wherever possible. Make it easy for yourself Maintaining accurate …
Paying Capital Gains Tax (CGT) isn’t necessarily a bad thing because it means that you have sold an asset and made a profit, which is better than a loss, of course. That said, I’m certain that most people would prefer to pay less tax, not more. Therefore, it’s important to understand the ins and outs …
Many employers allow their staff to salary package the cost of a vehicle. Doing so allows you to pay for some of your car running expenses on a pre-tax basis which reduces your taxable income and therefore the amount of tax you pay. In addition, you may be able to save GST. However, they are …
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