Hi,
The Tax Office has released a new tool which you may find helpful in working out GST on property transactions. I haven’t tested it out myself but put it here for you as you may find it helpful.
http://www.ato.gov.au/businesses/content.aspx?doc=/content/00296166.htm
Feel free to contact me about any questions etc
Regards,
Glenn Wallace
Ph 02 9585 9585
You need to pay super into a super fund by 30 June in order to claim it as an expense this year.
Here are some simple steps to implement before 30 J une to reduce tax
Some people have been experiencing delays in gettingtheir refunds due to the backlog caused by The Tax Office updatingtheir computer systems earlier this year and everything didn’t go to plan.
28 Jan 10 is the last day to pay for an employer to pay the employees super guartntee obligations for the quarter ended 31 December 2009.
If an employer does not make the minimum superannuation guarantee contributions for quarter 2 by this date, they must pay the SGC and lodge a Superannuation guarantee charge statement – with the Tax Office by 28 February 2010.
The SGC is not tax deductible.
Hi,
The Australian Tax Office is trialling a system make payments using your credit card.
Looks like they are entering the 21st century .
This is also good for paying off your credit card, it buys you some time and also for earning extra points on your credit card.
The downside is that you have to use their interface which means you cant put in specific references for different payments. This ability may come later after the trial.
Read more about the trial here:
http://www.ato.gov.au/businesses/content.asp?doc=/content/33696.htm&page=3&pc=&mnu=43139&mfp=001/003&st=&cy
Regards,
Glenn Wallace
CPA
Chartered Accountant
Registered Tax Agent
A question I often get asked is what tax deductions a home business can claim.
Yes you can claim a portion of your home expenses.
Youi can claim expenses that are directly related to your business such as electricity, heating, telephone and specific furniture and equipment, repairs, cleaning etc.
If you satisfy some tests you may also be able to claim some fixed home expenses like interest or rent and insurance and rates.
If you have any questions you may ask in the comment section below.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Registered Tax Agent
Superannuation
Audio describing some major ways you can do some last minute tax savings.
http://businessadviser.com.au/TaxPlan/tsr.html
Why you should lodge your income tax return for the year ended 30 June 2008 by 30 June 2009.
Why superannuation is a great tax shelter
If you are over 50 what you should do today, after 30 June the benefit will reduce by half.
Looking at the new tax benefits of making child education expenses.
Some traps to avoid in regard to the New Investment Allowance (Small Business Tax Break)
And some other ways to minimise your tax.
The first home owners grant was to finish on 30 June 2009 but has been extended for six months to 31 December 2009.
Up until 30 September 2009 the grants are $14,000 for existing homes and $21,000 for new homes. For the last three months October, November and December 2009 the rate will be halved to $7,000 for existing homes and $10,500 for new homes.
If you aren’t eligible for the grant it will be interesting to see what the property prices will do if the grant is abolished as planned after December 2009.
Regards,
Glenn Wallace
Ph 612 9585 9585
You should be tax planning now for 30 June so that you can save money so that your children can have a great education or you can invest in super or splurge on that thing you have been longing for or whatever your particular desire is.
Two people can be in the exact same situation but one does something a little different and the tax savings made by that person can be significant.
There is no better time than now to work out what to do. The budget has been delivered so we know with fairly good certainty (assuming the legislation gets passed) what will be allowed and disallowed.
Essentially the strategey is to maximise deductions and rebates and minimise income.
I will be updating the blog with year end strategies and also holding seminars that you can ask questions.
To be kept up to date you can get the RSS feed or put your name and email address in the free resources and update box in the top left hand corner.
Regards,
Glenn Wallace
Business Adviser
Chartered Accountant
CPA
Australian Registered Tax Agent
Superannuation
