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How To Prepare For Your Tax Return In 2017

Will you be ready at tax time? Prepare for your income tax return! Over 12 million Australians lodge tax returns each year. According to the Australian taxation office (ATO), on average, over 350,000 people per year are contacted to correct errors. These errors range anywhere from exclusion of secondary job income to bank interest received.…

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How to help your child with their first tax return

It’s tax time and as parents we’ve done our taxes for years and no longer need to think about what is required of us. Tax time has become automatic, yet trying to explain tax to our children who are young adults now, who do not have our years of experience, often stop us in our…

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Are You Planning A Trip Overseas?

Best Ways to Take Money Overseas Protect You Assets Has one of your children has decided to take a trip overseas, do you know the best ways to take money overseas? Read on so you can assist them with protection of their assets while they are abroad. In the past we’ve discussed the concept of…

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The Guide To Teaching Children About Money

Teaching Kids the Value of Money How do we teach our children about the value of money? As parents we want our children to prosper with health, friendships, education and generally grow into strong, reliable adults. Yet we sometimes forget, until maybe too late that for our children to prosper we need them to understand…

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Buyer Beware!

Tax payers selling properties valued at $2 million and above must obtain from the ATO a ‘Clearance Certificate’. The new withholding tax rule was introduced from 1st July 2016 and has been designed with foreign investors in mind who purchase properties from Australian residents.  The certificate is there to ensure Capital Gains tax obligations are…

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Rental Property Tax Deductions

Rental Property Tax Deductions Rental property expenses are any expense related to income earned from the property, these will be assessed by the ATO for rental property tax deductions. As a guide, we’ve compiled a list of general expenses  that may be eligible to be included in your tax return.     Rental Property Tax…

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How To Prepare For A Comfortable Retirement

Have you planned for succession and/or retirement? For many individuals and business owners, the idea of retiring seems too far way to be deemed important.  It’s something that can be dealt with later.  If not, then the proceeds of the business should see them through.  The reality is that life is ever changing and an…

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Practical Business Advice That Works

Business Advice Your Business Activity Statement Are you lodging BAS returns on time? Most businesses need to lodge their business activity statement, (BAS) each quarter (i.e. 1st July to 30th September). Your BAS returns due date depends on whether or not you do it yourself or use a tax agent. However we find that completing…

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End Of Year Tax Planning 2016

Tax planning for 2016. It is always best to start your tax planning at the beginning of each financial year.  Finding deductions and limiting income is a minor part of tax planning.  We encourage you to consider strategies that will set you up for long term tax advantages with the bonus of Asset protection. The…

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Superstream Compliance Update

ATO and SuperStream Compliance The Australian Taxation Office has extended the SuperStream compliance deadline from 30th June to 28th October 2016 for small businesses. To recap, SuperStream is electronic payments for super that pay many funds in one transaction.  All that is needed from your employee is: Tax file number Employees super fund ABN Unique…

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Fringe Benefits Tax and Employment

Employees and Fringe Benefits Tax Small business owners should consider carefully fringe benefits tax and casual employees. Rostering on casual labour is a fantastic way to ensure full staff coverage for important events or busy times.  Each year the holiday period for businesses is a busy time, one where extra staff is crucial. Employing casual…

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