The following are the latest articles and news from the team at Judge Accountants.
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 childcare provider/s to reduce the fees you pay. In April … Continued
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
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
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 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
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
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
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
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
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
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
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
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
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 … Continued
Boost Your Fortnightly Cash Flow with Depreciation Claims and PAYG Withholding Variations 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 current financial position and considering … Continued
Cryptocurrencies are on the rise. It’s important to have some idea of what’s going on. Some appreciation of likely tax consequences of the cryptocurrencies and structures around them. We have summarized everything you need to know about it. The Australian tax consequences for Australian resident investors upon the purchase of cryptocurrency. Upon each release of … Continued
Do You Know How Well Your Current Home Loan Stacks Up? Things change, and chances are since you got your home loan, interest rates may have moved, and life has too. Has the official cash rate changed since your current loan settled? Has the rate your lender is charging you changed? What about the fees … Continued
There are over two million self-employed Australians in the workforce today. Running your own business can be rewarding in many ways. However, without the safety nets and security offered by larger corporations, it’s important to consider financial protection as part of essential business planning. When small business owners think about their insurance needs, they immediately … Continued
What Items Do You Need To Organise Before Attending A Loan Appointment? Most lenders tend to have similar processes to enable assessing client’s loan applications. As a result, leads to similar original documents being proved to enable the loan application process is not stalled, once lodged. The following lists are a starting guide for gathering … Continued
ATO’s Business Portal New System: (SBSCH) On 26 February, the Small Business Superannuation Clearing House (SBSCH) service will be available through ATO’s online services Business Portal. To manage the transition, the SBSCH will be unavailable from Tuesday, 20 February 2018 to Sunday, 25 February 2018 inclusive. During this time ATO will be transferring your data across to the new … Continued
Banks Are Everywhere… Why Not Go Straight to a Bank? Of course, you can go to a bank, but this can be more difficult than it sounds. Australia is indeed the lucky country. We are blessed for choice when it comes to the amount of competition that exists across the mortgage market. With so many … Continued
Owners of income producing properties are eligible to claim tax deductions for a number of expenses involved in holding a property. Most investors are aware of some of the deductions they are entitled to; for example, they know they can claim their Property Manager’s fees, council rates and any repairs and maintenance costs. However, all … Continued
As part of the Government’s agenda to facilitate affordable housing, the Budget will be implemented starting on 1 July 2017. It proposes removal of a number of deductions in relation to investment properties. The Housing Tax Integrity Bill amends the ITAA 1997 to implement 2 measures announced in the 2017-18 Federal Budget. Firstly, denying deductions for … Continued
One thing that some businesses forget to consider is, if they will need to pay Fringe Benefits Tax (FBT). Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee (or an employee’s associate e.g. a family member) in place of salary or wages. Here are some tips and tax … Continued