PERSONAL AND BUSINESS TAX STRATEGIES FROM OUR NOOSA TAX AGENTS. The end of financial year is fast approaching therefore it is now time to not only look at what has been achieved throughout the year, but also see whether any fine-tuning can (or should) be made before 30 June. Prepayment of Interest or other tax […]
TRAVEL EXPENSES AND PROPERTY INVESTMENT TAX DEDUCTIONS. From 1 July 2017, property owners cannot deduct an outgoing for travel related expenditure to the extent that it relates to residential property/premises. Therefore airfares, accommodation and motor vehicle expenses incurred to travel to a residential rental property for inspection and/or maintenance purposes will no longer be tax […]
INFORMATION ABOUT THE 2018/2019 FEDERAL BUDGET. The Federal Government handed down the 2018-2019 Budget on 8 May 2018. It is important to remember that these announcements are only proposals at this stage. Each proposal will need to pass through both the House of Representatives and the Senate before they become law. This process may take […]
SMALL BUSINESS ACCOUNTING SERVICES NOOSA. There have been recent changes to the definition of a small business entity. From 1 July 2016 a small business entity is a sole trader, partnership, company or trust that carries on a business (for at least part of the financial year) and has aggregated annual turnover less than $10 […]
THE AUSTRALIAN HIGHER EDUCATION LOAN PROGRAM (HELP). From 1 July 2017 the Australian Government has introduced new repayment obligations for Australians living overseas who have an outstanding Higher Education Loan Program (HELP) debt. This will bring the repayment obligations in line with those with HELP debts living in Australia. Until now, people with a HELP […]
AUSTRALIAN CAPITAL GAINS TAX FOR FOREIGN RESIDENTS. Are you selling or purchasing a property with a value of $750,000 or higher? If so, we suggest you contact your Stratogen Accountant to discuss the implications. Foreign residents and capital gains tax Currently the foreign resident capital gains withholding rules apply to real property disposals where the contract […]
SMALL BUSINESS ACCOUNTANTS & BAS PREPARATION NOOSA. From 1 July 2017, the ATO are reducing the amount of information required to report on Business Activity Statements for small businesses. Aptly named ‘Simpler BAS’ will be the default GST reporting method for small businesses with a GST turnover of less than $10 million. What small businesses […]
Can I pay off my HECS / HELP debt sooner? Yes…..you can make a voluntary repayment to the ATO at any time for any amount. If you make a voluntary repayment of $500 or more, you will receive a bonus of 5 per cent. This means your account will be credited with an additional 5 […]
The Reserve Bank of Australia has again decided to leave the official cash rate at 2.00%. This approach was predicted by many commentators as the Reserve Bank assesses the impact of the lower Australian dollar, falling fuel prices, a volatile share market and a slowing housing market. The lower Australian dollar and resultant increase in […]
TAXATION AND TEMPORARY RESIDENCY INFORMATION IN AUSTRALIA. Are you a temporary resident of Australia? From 1 July 2006, you will not have to pay tax on most of your foreign income if you: are an individual who is an Australian resident for tax purposes; and you satisfy the requirements of being a temporary resident. Who […]
