Work Expense Deductions – Myths vs Facts
There can be varied sources for some of the myths about tax deductions —pub-talk, BBQ-banter, hairdresser-homilies, what-your-taxi-driver-just-heard and many others. (more…)
22Aug
21Aug
Compounding interest – watch your savings grow
"Grandpa, please don't buy me any birthday, or Christmas presents, instead invest the money for me".
Assuming an initial investment of $2,000, and Grandpa making regular monthly contributions of $150 with an average return of 5.00% after tax (managed funds, shares etc.), little Sam would have accumulated $67,000 at age 21.
If the monthly contribution was increased by another $50 to $200 a month the accumulated savings at age 21 would be $88,000.
A regular savings plan, because of compounding (e.g. interest on interest) makes a significant difference.
ASIC's Money Smart site has a calculator that shows the outcome of making an initial deposit and then regular set and forget monthly payments. Try out different scenarios based on your situation. [ASIC - Compound Interest Calculator]
21Aug
So much for the downturn! Australia’s housing affordability is at crisis levels as the number of expensive suburbs TRIPLES
The number of suburbs with ridiculously unaffordable house prices has tripled despite Australia being in the grip of a record property market downturn.
During the last real estate boom in June 2014, just 3.2 per cent of Sydney suburbs had a median price of more than $2million, CoreLogic data showed.
That number has more than tripled in just five years, with 10.6 per cent of houses in Australia's biggest city being in this situation. (more…)
21Aug
Number of Australians with basic hospital cover falls to lowest level in over a decade
Key points:
- The number of Australians with basic cover is an entire percentage point lower than the same time last year, and the lowest since 2007
- The decrease comes as health insurance premiums rose almost 2.8 per cent over the June quarter
- Meanwhile, the report also found out-of-pocket costs vary greatly depending on location
19Aug
‘You can no longer hide’: ATO cracks down on $100 billion in foreign income
Around 1.6 million Aussies are being told “you can no longer hide” as the tax man ramps up a major crackdown on this $100 billion area.
The Australian Taxation Office has turned its sights on more than $100 billion held in offshore bank accounts in a crackdown on undeclared foreign income.
Taxpayers who receive income from investments, family members or working overseas are being urged to report it this tax time or face hefty penalties, with new international data-sharing agreements meaning the ATO has greater power to track money across borders to identify cheats.
(more…)
16Aug
Liverpool Civic Place
Council’s proposed mixed-use Liverpool Civic Place development will anchor and activate the southern end of Liverpool CBD, providing new public spaces, community facilities and job opportunities for our growing city.
Located at 52 Scott Street, Liverpool, Council will commit around $195 million to its components of the proposed development, which include:
(more…)
16Aug
Rental Properties – Income and Expenses Tax Guide of rental property owners Copy
Do you own a residential rental investment property?
Then you should read this Guide to see what you can and cannot claim, as there have been some significant changes to the rules. (more…)
15Aug
2018/2019 Investment Sales Report
With the Federal Election and uncertainty around negative gearing and capital gains tax now in the rear-view mirror, the commercial property market is again in investors sights.
But just how well has the market performed over the pas 12 months? The attached Sales Report from Burgess Rawson, highlights sales in the commercial and industrial property market, including Retail, Child Care Centres, Fast Food, Medical, Automotive and other property types. (more…)
15Aug
GST obligations to be included under the director penalty regime
It looks like Directors Penalty Notices( DPNs) for GST are set to take effect 1 October 2019 on the back of legislation that lapsed at the dissolution of Parliament in the lead up to the last federal election but has just been revived.
As well as directors possibly facing personal liability, the options available to the ATO under its director penalty regime includes garnishee proceedings to recover amounts owed, offsetting amounts owed against any other tax credits, and initiating legal recovery proceedings. Before any of such actions are taken, the ATO is obliged to issue a “director penalty notice” outlining the unpaid amounts and remission options open to the concerned directors. (more…)
09Aug
How debt impacts on your home loan application
Most of us have some debt – from a student loan or tax debt to credit cards, personal loans, car loans, or an existing home loan. And any debt or credit cards you have when you apply for a home loan will impact on your application in two main ways.
First, a lender will factor in your need to service this debt when assessing your borrowing capacity, or your ability to service a new loan. Second, your repayment history on your existing debts, as well as the number of times you’ve applied for credit, will affect your credit score.
Lenders use your credit score as a guide for how responsible you are with money and whether you qualify for a home loan in the first place. (more…)
