An earlier article covered the issue of finding the right property for you. Assuming you have received the right advice, you have now purchased the perfect property in the correct structure. The last piece of the puzzle is now ensuring you maximise the tax benefits of this property. Many people are unaware of what costs can and can’t be claimed for their rental property and are therefore missing out of maximising their tax refunds.
It is important at this time of year to celebrate with your workmates and recognise the hard work done throughout the year. For most employers, this involves putting together some sort of work function for their staff. While most of focusing on providing the perfect event for their staff (as they should!), many do not understand the potential choices available and the tax implications of these choices.
With the strong growth in property prices over the last 10 years and the low interest rates on offer, many people are looking at investment in property to increase their net wealth. In the appropriate circumstances and by investment in the correct property, this strategy can have beneficial tax consequences and create strong wealth gains. Unfortunately however, we have seen many instances where people have entered into property purchases that have caused nothing but grief and losses. So what needs to be considered?
Many small and medium businesses are unsure of what accounting software they should choose and what the differences are between those providers. More options are entering the market and there are many choices now available. Choosing the right software is crucial to ensure it does what you want in the most efficient way possible. Saving time on your administrative work can be invaluable and allows you to devote more time to your business or your family.
Insurances are a part of our daily lives and most people would have some exposure to a form of insurance. It could be home insurance, car insurance or private health insurance. However many people fail to insure the most important part of their live – themselves.
1st July has come and gone and with its passing, the new superannuation regime has officially begun. For those with pension balances above $1.6 million you should have been contacted by your super fund and/or accountant and made an election and signed documentation to commute your pension balance above $1.6 million.