BMT Tax Depreciation

Partial year depreciation deductions can boost your cashflow. If you haven’t owned your investment property for a full year you can still claim depreciation deductions this tax time. Investors can claim pro-rata depreciation deductions for the period their property is rented out or is genuinely available for rent. That is, the property is given broad … Continued

July 2019 Reserve Bank of Australia Decision

Sydney 2nd July 2019 RBA decision The cash rate has hit an all-time low! The Reserve Bank of Australia (RBA) has cut the official cash rate by 25 basis points to a new low of 1 per cent, the second consecutive month it has cut rates.  In the official statement released by the RBA, it … Continued

Have you planned for 2020?

Most of us are concerned when it comes to closing off our 2019 accounts, and unfortunately, many small businesses forget to pause to plan for the year ahead. What we want you to do is ask yourself: Have I written it down to share with my staff, so I am not struggling to remember? Did … Continued

Claim Property Depreciation This Financial Year

Property depreciation deductions can make a significant difference to any investment property owner’s cash flow. Despite this, of all the deductions available to be claimed by investors, depreciation is the most often missed. Every property investor can benefit from learning more about depreciation and discovering the process involved in finding out what deductions are available … Continued

June 2019 Reserve Bank of Australia Decision

Sydney 4th June 2019 2.30pm, Reserve Bank of Australia announcement. At its meeting today in Sydney, the RBA Board decided to lower the cash rate by 25 basis points to 1.25 per cent. The RBA Board took this decision to support employment growth and provide greater confidence that inflation will be consistent with the medium-term target. The outlook … Continued

BMT’s Top Tax Time Tips for Property Investors

With tax time fast approaching, here are five tax time tips to ensure you maximise the deductions for your investment property. 1. Understand what deductions you’re entitled to As a property investor, you’re entitled to a range of tax deductions. These will help lower your taxable income and make owning an investment property more viable. … Continued

May 2019 Reserve Bank of Australia Decision

Sydney at its meeting today, the RBA board decided to leave the cash rate unchanged at 1.50 per cent. The outlook for the global economy remains reasonable, although the risks are tilted to the downside. Growth in international trade has declined and investment intentions have softened in a number of countries. In China, the authorities have taken … Continued

Common Property Depreciation Explained

Shared assets in strata title lucrative for investors A strata title is used when individuals own part of a property usually called a ‘lot’. This is generally an apartment, unit or townhouse complex which shares ownership of common property including driveways, foyers and gardens. The ownerships are combined through a legal entity called the owners … Continued

April 2019 Reserve Bank of Australia Decision

Sydney 2nd April 2019 2.30pm, Reserve Bank of Australia At its meeting today, the RBA Board decided to leave the cash rate unchanged at 1.50 per cent. The outlook for the global economy remains reasonable, although growth has slowed and downside risks have increased. Growth in international trade has declined and investment intentions have softened in a … Continued

2019/20 Federal Budget Highlights

The Budget is “Back in the black”, Mr Josh Frydenberg announced as he handed down the 2019/20 Federal Budget, with a surplus of $7.1b, on 2 April 2019. The budget focuses on “restoring the nation’s finances”, further strengthening the economy to create more jobs and to “guarantee the essential services”. The tax, superannuation and social … Continued

3 Emerging Trends in Property Investment

What will 2019 hold for the property market? We look at some of the biggest trends we’re likely to see in the year ahead. Investors seeking regional areas over metropolitan As property price growth continues to slow in Sydney and Melbourne, there is an increasing demand for regional properties by investors due to more affordable … Continued

March 2019 Reserve Bank of Australia Decision

Sydney 5thMarch 2019 2.30pm, Reserve Bank of Australia At its meeting today, the Reserve Bank of Australia Board decided to leave the cash rate unchanged at 1.50 per cent. The global economy grew above trend in 2018, although it slowed in the second half of the year. The slower pace of growth has continued into 2019. The … Continued

5 Habits From Financially Secure People

Ever looked at a friend who has everything together and thought ‘what’s their secret?’ Here are five habits you can implement to achieve financial security.  Believe it or not, being secure financially doesn’t involve magic or an outrageous stroke of luck.  More often than not, it results from good habits, such as keeping track of … Continued

ALP Key Tax Policies

Snapshot of the ALP key tax policies Editor: The Federal Election will be the primary focus over the next few months, with many commentators predicting a possible change in Government. As usual, tax policy is a focal point of the political debate. Recently, at Labor’s 48th national conference (16-18 December 2018), a document entitled A … Continued

Frequently Asked Depreciation Questions

What is depreciation? As a building gets older and items within it wear out, they depreciate in value. The Australian Taxation Office (ATO) allows property investors to claim a deduction relating to the building and fixtures it contains. Depreciation can be claimed by any owner of an income producing property. This deduction essentially reduces the … Continued

What determines the cost of an insurance policy?

There are a number of factors that determine the cost of an insurance policy. A cheap life insurance or income protection insurance policy doesn’t necessarily mean it’s an inferior one, and by the same token, the most expensive policy may not be the best to suit your needs.  The price of an insurance policy is … Continued

Household Debts’ Level in Australia

Fuelled house prices and low interest rates, the level of personal debt in Australia is high compared to many other countries The largest proportion of this debt is often used to purchase a valuable asset – the family home. With careful planning, you might be able to control your household debt and use it to … Continued

Christmas Parties Held Away From Work Premises

Want to hold your Christmas party away from work? You might need to understand the tax consequences of such action to make sure there are no unforeseen tax problems. The costs associated with Christmas parties held off your business premises (for example, a restaurant) will give rise to a taxable fringe benefit for employees and … Continued

Work Christmas Parties and FBT

When rewarding employees with gifts or parties at Christmas, FBT may apply. Even if your organisation is exempt from income tax, providing food and drink could constitute a tax-exempt body entertainment fringe benefit. There’s good news, though. Some FBT exemptions might apply in your circumstances. I bet you want to know the best way to … Continued

Cryptocurrencies – Clarified!

Recently, we’ve experienced an increase in clients coming to us with queries on cryptocurrencies. Many clients ask, “what are the practical issues that can arise when investing in crypto?” These ‘issues’ often occur in two areas of the cryptocurrency market: When exchanging one cryptocurrency for anotherRecord-keeping requirements relating to cryptocurrency transactions. Exchanging one cryptocurrency for another When … Continued

10 Indicators You Have Outgrown Your Business

Often when starting out in a business, the simplest and cheapest structure to use is either an individual (i.e. sole trader) or partnership. The cost to setup these structures are low, and with the expectation of low revenue in the initial years, it can also be the most tax effective. For a little more money, … Continued

Work-related deductions: what you can and can’t claim based on your profession

All employees want to minimise their tax payable. Who wouldn’t? A major assumption is that claiming deductions on most receipts means minimising the tax payable – but you need to ensure you are following the ATO guidelines. The ATO states that in claiming deductions, individuals need to ensure they claim only what is related to their profession. With increasing … Continued

ATO Data-Matching for Property Owners

Are you a landlord renting out a property or offering short-term accommodation services through online platforms? If so, you should be aware that the ATO has now launched two new data matching programs that will affect property owners such as yourself. What is Data Matching, and how does it affect you?   Rental Bond Data The … Continued

Drought Assistance Crowdfunding

With a recorded rainfall of 57mm below average this autumn, it’s little wonder Australian farmers are turning to donations and relief funds to help maintain the vitality of their crops and cattle. While you may wish to make a donation yourself, it is important to first find out whether the recipient is aware of the tax implications associated with receiving crowdfunding payments. What is … Continued