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
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
Is the prospect of receiving 2% p.a. interest in a savings account or 3% interest in a term deposit sound enticing to you? What is a conservative investor to do? Today’s low-interest rate environment has forced many investors to seek alternative sources of income. Shares and property are popular and effective options, but these are … Continued
The Truth About Getting a Loan by an Owner of a Small Business Versus an Employee Small Business is reported as the backbone and employer of so many Australians in our Cities and Regional areas. Though they do not get the same benefits employees receive in the pursuit of income analysis. Good or bad, Judge … Continued
Is your business currently looking for new hires? Did you know that there is an NSW government initiative designed to encourage NSW businesses to hire employees & grow? So if you’re planning to hire a new employee, you might want to check out this article, so your business won’t be missing out on up to … Continued
Sometimes it’s good to lose Many investors have thought to themselves; “if I never realise a paper loss I never really lose, I’ll just wait until the market improves and then sell my shares/fund/house”- not so fast, if you’ve ever caught yourself thinking this you may have fallen victim to what’s known as the ‘Loss … Continued
Reported interest rates are at all-time lows in Australia: What Should Borrowers Consider? Many do not know enough to make an informed decision – stay or leave. When do I have time to sort through the large information source? A Finance Broker is knowledgeable in these areas and can easily organize the required information a … Continued
Treasury Laws Amendment Bill 2017 On the 7th of September 2017, Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 was introduced into parliament. It included legislation changes which will negatively affect residential property investors across Australia. Announced in the 2017 Federal Budget, the amendment denies tax deductions for the decline in value of‘previously used’ depreciating … Continued