Are You Getting the Most from Your Investment Property?
Property depreciation claims Just as with other assets linked to income-producing activities, you can claim depreciation on your investment property through low value asset pooling. Depreciation works to lower your taxable income, meaning that you pay less tax, which can help boost your return. What are depreciable assets? Depreciable assets for an investment property include both […]
How to Retire happily
IN BRIEF Identify what brings you a sense of accomplishment and what your personal goals are for after retirement. Financial security is key to a healthy, comfortable retirement. Intellectual engagement, staying socially engaged and regular exercise are also important factors. Death and taxes are the oft-quoted ‘certainties of life’, but with ageing populations in Australia […]
PAYG withholding: new penalties for non-compliance
In 2017, a government taskforce on the black economy reported concerns that some Australian businesses are making payments to employees and contractors that are not being properly recorded. In response, the government has acted to deny deductions for payments where businesses fail to comply with the PAYG withholding and reporting rules. This new measure will complement […]
Selling an inherited property? Here are the rules
People who want to delay the sale of a dwelling they receive as a beneficiary of a deceased estate, so they can renovate or wait for the property market to pick up, will not get much sympathy from the Australian Taxation Office when it comes to determining their capital gains tax liability. Under income tax […]
Playing to Win in the Gig Economy
What is the gig economy? The gig economy is characterised by freelance and project-based work. Its players inhabit a constantly changing workscape and juggle a pastiche of jobs. In some circumstances, gig economy workers have very little connection with their “employers”. This is typical for the “share economy” workers of Uber, Airtasker and similar companies, […]