Depreciation mistakes to look out for this tax time

Depreciation can be a rather complex area with specific rules, qualifying dates, depreciation rates, methods for claiming and pre-determined effective lives of assets. As such, claiming depreciation deductions can be a confusing task for many property investors. For this reason, it’s imperative that investors get a depreciation specialist to prepare their tax depreciation schedule. This … Continued

Life Insurance for All Ages

Covered at every age Do you still have the same haircut you had when you were in school? Is your breakfast choice based on which cereal box has the coolest mascots on it? Are you still wearing your high school jumper to the gym? If your answer to any of these questions was a horrified … Continued

PAYG Payment Summary Report Deadline

Are you ready for the PAYG Payment Summary Report Deadline? At the end of each financial year you will need to lodge PAYG Payment Summary Report with the Australian Taxation Office (ATO). This report should be sent to the employee by 14th July and lodged with the ATO by 14th August. Time is flying so … Continued

Stepped and Level Premiums: What’s the difference?

When it comes to protecting your family, knowledge is not just power – it’s security. You have a choice when it comes to paying premiums: stepped or level. But what does that mean and which one is right for you? There is no one-size-fits-all answer as both policies will be suitable for different types of … Continued

Last minute EOFY Tax Saving Tips

Tax Saving Tips A couple of days left before the end of another financial year, and let’s admit it, no one really likes to pay high taxes. It is time for some last minute strategies to minimise your tax. If your cash flow is good, it is the best time to spend on extra expenses. … Continued

Clothing and Laundry Claims on ATO’s watch list

ATO sets target on Clothing and Laundry Claims Every tax season the ATO has a specific set of targets, and this year it’s work-related clothing and laundry expenses. The Australian Taxation Office (ATO) has warned individuals and business owners that clothing and laundry expenses are not available to many people. In addition, incorrect claiming of … Continued

What is your Risk Tolerance and Why?

Risk is inherent in investing and there is no one size fits all approach to managing and dealing with risk. What keeps you awake at night might be well within someone else’s comfort level. The central principal of investing is the higher the risk of a particular investment, the higher the possible return. Of course … Continued

Build your Property Investment Team

Who to include on your Property Investment Team While property investing is one of Australia’s favourite past times, it doesn’t mean it’s always an easy ride. There are ups and down and certainly rewards to reap. But you do have to put in some ground work and planning to become a successful investor. While this … Continued

Have you taken action to ensure you receive the Child Care Subsidy?

On 2 July 2018, the Federal Government will replace the Child Care Benefit (CCB) and Child Care Rebate (CCR). It will be replaced with a single means-tested subsidy, known as the Child Care Subsidy (CCS). Child Care Subsidy will be paid directly to your approved child care provider/s to reduce the fees you pay. In … Continued

Budget 2018

Personal Income Tax Changes The Government will introduce a seven-year, three-step, Personal Income Tax Plan as follows: A small additional tax offset of up to $530 that you will receive when you lodge your 2019 Income Tax Return (and future tax returns). Taxpayers with taxable incomes under $125,334 will be eligible. From 1 July 2018, … Continued

CGT Main Residence Exemption

Foreign Residents to be excluded from CGT Main Residence Exemption Your main residence or basically your home is generally exempt from capital gains tax (CGT). To get the exemption, the property must have a dwelling on it and you must have lived in it.  You’re eligible for a full main residence exemption if the dwelling: … Continued

GST on Low Value Imported Goods

What are low value goods?  Is your business affected by the new law? Generally, low value goods are physical goods that has a customs value of A$1,000 or less. Currently, only goods above A$1,000 are taxed at the border, (with the exception of alcoholic beverages and tobacco). This is now changing. From 1 July 2018, … Continued

Small Business CGT Concessions Proposed Changes

Small Business CGT Concessions The small business CGT concessions are extremely valuable. And for small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability. However, they can also be confusing and complicated. So … Continued

7 Capital Gains Tax and Depreciation Facts for Property Investors

One question investors often ask about claiming depreciation on a rental property is ‘how will these claims affect Capital Gains Tax (CGT) when the property is sold?’ CGT can be a complex topic for investors to understand. Particularly as the answer to the above question can really depend on the scenario of the individual property … Continued

How to tackle more than one mortgage

Taking on a mortgage means taking control of your finances. Adding an investment property to your loan portfolio requires additional discipline and planning. With interest rates lingering at record lows, it’s important to those taking on another mortgage. Look beyond the here and now and invest in some long-term thinking. Positive or negative gearing: What … Continued

2018 Financial Year Tax Updates

We are now on the final quarter of the financial year, we should be starting to plan and prepare for the upcoming year end! A lot of changes are happening on the upcoming 2018 financial year. This brief article will list down some changes that will impact tax practitioners, advisers and the clients during the … Continued

Good Finance is Great for Business

Why do entrepreneurs borrow money for business? Financing your business with one of the many different products available across Australia’s commercial lending market is less about borrow money, and more about making an investment in your business success. Whether you’re starting up, sustaining success, or wanting to make the most of new opportunities, the right … Continued

Fringe Benefits Tax (FBT) Year End is Coming: Be Prepared!

Are you ready for the upcoming Fringe Benefits Tax (FBT) compliance season? Just to recap, based on ATO’s definition, Fringe benefits tax (FBT) is a tax employers pay on certain benefits they provide to their employees – including their employees’ family or other associates. You may be required to pay fringe benefits tax (FBT) if … Continued

Granny flats are becoming popular investments

Data collected by BMT Tax Depreciation, indicates that in the 2016-2017 financial year there was a 22 per cent growth in the number of schedules requested for granny flats nationwide. Of the states Queensland, Western Australia and New South Wales saw the highest growth in the number of depreciation schedules requested for this type of … Continued

Looking for the Right Business Finance?

What is Business Finance? Unlike residential finance, where the challenge is often to save you money, business finance or loan may be more about helping increase your potential to make money. In fact, residential finance and business finance couldn’t be more different. For a home loan, you simply need funds to purchase a home. It’s essentially … Continued

Commercial Funding – How does it work?

What is Commercial Funding? Commercial Funding is assessed on many different components. Whilst serviceability is key, the risk assessment includes value and type of security (such as residential, commercial, industrial, specialised and alike); industry type; management experience; age of business; purpose of funds; financial ratios, margins, profitability and trend analysis; bank account performance and credit … Continued

Ride Sharing’s Tax Treatment

What is Ride Sharing? Have you or someone you know considered taking up ride-sharing (also called ride-sourcing) to earn extra income, or even as an alternative form of employment? Or maybe you’re already a ride sharing driver? If so, do you know your tax obligations? There are things you need to know and we have … Continued

Earn more with Pay As You Go withholding variation

Claiming depreciation and using a Pay As You Go withholding variation can increase your fortnightly cash flow Though investors often use negative gearing to offset the costs involved with owning a property, most have the aim to eventually use the property primarily as a source of income and to generate wealth. Property investors evaluating their … Continued