End of financial year review and tax planning

Sam MartelMonday, 15 June 2020

The 2020 financial year has been incredible. We have now seen the end of the worst drought on record and as COVID-19 restrictions are lifted, we are noticing an upward swing in business confidence.Many businesses have experienced a difficult finan...

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Did you know the Government can contribute to your super fund?

Melisa WheatleyThursday, 13 February 2020

If you are a low or middle income earner, and you make a personal contribution into your superfund, the government may also make a Co-contribution, to a maximum of $500 per year.The amount the government contributes, depends on your income and how...

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Barnaby bank fast facts

Sam MartelTuesday, 11 February 2020

Drought loans now available through the Regional Investment CorporationLoans of up to $2 million interest and repayment free for the first two yearsYears 3-5 are interest only at a concessional rate (2.11%) with the balance to be repaid over the r...

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Deferring livestock sales - it's like throwing a boomerang. It's coming back

Sam MartelThursday, 06 February 2020

If a grazier is forced to sell livestock (because of drought), they can elect to defer the taxable gross profit made on the sale of that stock and reduce their tax liability.Many graziers have been forced to sell most, sometimes all their stock an...

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Calculating super guarantee - new rules

Melisa WheatleyWednesday, 27 November 2019

From 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.Under current rules, some employers are paying ...

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Vacant land deductions

Sam MartelWednesday, 27 November 2019

Legislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.Previously, if you bought ...

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Investing with other people – Unit Trusts and SMSF

Sam MartelWednesday, 13 November 2019

We have been fielding questions recently relating to unit trusts.Unit trust are commonly used as an entity to purchase and hold real estate. They are generally used when there is more than one party involved.When a self-managed super fund (SMSF) i...

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SMSF compliance status removed if annual returns are late

Melisa WheatleyMonday, 11 November 2019

The ATO has announced that SMSFs that do not lodge their annual returns on time will have their fund’s status on Super Fund Lookup changed from ‘Complying’ to 'Regulation details removed'.At a high level the change may result in issues for funds i...

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Stamp duty exemption reminder for first home buyers

Sam MartelMonday, 07 October 2019

Generally, first home buyers are eligible for a full stamp duty exemption on the purchase of their first owner occupied property.If a first home buyer is purchasing a property with someone who already owns residential property, you may still be el...

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Weirdest tax deductions revealed

Melisa WheatleyThursday, 03 October 2019

Would you claim the Lego you bought for your kids throughout the year as a tax deduction? One taxpayer did and it made the Australian Taxation Office’s 2018-19 list of most unusual claims.The Lego was not the only claim for money spent on kids. An...

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