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From the St George Taxcare Blog
Find out the latest news from St George Taxcare, including helpful tax tips and advice.
Refinancing traps to avoid Whether you’re after lower repayments or want to tap into the equity sitting in your home, refinancing can offer a world of benefits. Here are some things to be aware of so that you don’t find yourself hooked into a bad deal....read more
Exit costs when refinancing Refinancing can be a great way to save money if you believe you are paying too much for your loan, but there is more to it than just finding a loan with a lower interest rate and making the change. Before making the switch,...read more
Example Sally is carrying on a renovation business. Sally gifts a bottle of champagne to a client who had a renovation completed within the preceding 12 months Sally expects the gift will either generate future business from the client or make them more inclined to...read more
Have you declared rental income & capital gain from sale of property? ATO will collect data from rental bond from the following sources: ■ New South Wales Office of Fair Trading – Rental Bond Board ■ Residential Tenancies Bond Authority – Consumer...read more
Have you declared income from online accommodation platforms? ATO will collect data from online accommodation platforms such as ■ Listing owner and property details Name Contact details (residential address and telephone number(s)) Date of birth Rental property...read more
Stamp Duty Surcharge: Do you know you may be classified as a foreign person & liable for the stamp duty surcharge on property investment, even if you are a permanent resident & Citizen of Australia? Each State sets own rules, see the below. New South Wales...read more
2018 Work-related deduction checklist A-Z Item Tax deductible Admission fees: For lawyers and other professionals. Disallowed as capital cost. No Airport lounge membership: Deductions to the extent used for work-related purposes. Yes Annual...read more
Visa application processing times Last updated: 19 June 2018 (for month ending 31 May 2018) Visa Type Stream (if available) 75% of applications processed in 90% of applications processed in Visitor visas 651 eVisitor 1 business day 2 days 600 Visitor Tourist1 19 days...read more
If you didn’t receive family assistance in 2016–17 You may be able to claim your payments as a lump sum. You have until 30 June 2018 to submit a claim for: Family Tax Benefit (FTB) Child Care...read more
New GST rule on Low Value Imports From 1 July 2018, suppliers to Australia of imported goods with a customs value $1,000 or less will be required to pay GST where “Australian consumer”....read more
From 1 July 2018, the tax-free threshold for NSW payroll tax will increase from $750,000 to $850,000. It will continue to increase by $50,000 every year to reach $1m in 2021/22. The threshold will be $850,000 in 2018/19, $900,000 in 2019/20, $950,000 in 2020/21 and...read more
On 24 May 2018, the government announced the start of a Superannuation Guarantee Amnesty. The Amnesty will be available retrospectively from 24 May 2018 to 23 May 2019, subject to legislation passing. The Amnesty gives employers a one-off opportunity to self-correct...read more
The following tax planning measures should be borne in respect of your own individual circumstances. Salary sacrifice arrangements If employed you may wish to review your remuneration arrangements with your employer and forego future gross salary in return for...read more
Some key business issues which may be relevant prior to the end of the financial year include the following. Reduced company tax rate As currently enacted, a base rate entity will be entitled to pay tax at a corporate rate of 27.5% for the year ended 30 June...read more
ATO conducted a "protecting honest business campaign" and found that small businesses needed to improve their record keeping. Common findings are: Estimating their sales and income; Using the 'no sale' and 'void' button on cash registers when taking cash payments; Not...read more
There are extra costs that you’ll need to consider when you are taking out a loan to purchase a property. Home loan application fees Most lenders charge a home loan application fee. This can range from loan to loan, and covers: Legal contracts Property title checks...read more
That depends on who ‘you’ are. When you take out a mortgage or home loan, you can choose to have an interest rate this is fixed, variable, or split (a combination of the two). There is no right or wrong option – it all depends on your circumstances. Fixed rate home...read more
Lender’s mortgage insurance (LMI) is required in many instances when a loan is worth more than 80 per cent of a property’s purchase price, as well as in some other circumstances. In very basic terms, when a lender considers a loan to carry a high risk, LMI is likely...read more
Before you decide to purchase your first property there are a number of things to consider, including your current personal circumstances and financial status. 1. Think about why you want to buy a home Do you want to live in it or will it be an investment property?...read more
Fixed-rate mortgages With a fixed-rate loan, you know exactly how much you’ll pay per fortnight or month for the fixed period of the loan (usually one to five years). Variable rate mortgages Repayments can change during the life of a variable-rate loan, so you may pay...read more
SUPERANNUATION · The tax on working holiday makers’ superannuation payments when they leave Australia is 65%, from 1 July 2017. · The low income superannuation contribution scheme is abolished from 2017/18; a low income superannuation tax offset will...read more
From 1 July 2017, travel expenses related to inspecting, maintaining or collecting rent for a residential rental property will be disallowed. From 1 July 2017, travel expenses related to inspecting, maintaining or collecting rent for a residential rental property are...read more
https://immi.homeaffairs.gov.au/visas/working-in-australia/skillselect/invitation-rounds So 11 December 2018 Invitation round Invitation process and cut offs The highest ranked clients by points score are invited to apply for the relevant visa. For clients who have...read more
The table below shows the occupation ceilings for the 2017-2018 program year for each occupation on the list of eligible skilled occupations by four-digit ANZSCO code unit group. Occupation ceiling values are based on a percentage of stock employment figures for each...read more
All business owners must know these 10 unique selling propositions (USP), and you will know why your customers choose your business. What specifically do you do that’s truly different compared to competitors? How do you uniquely benefit your target market? Can you...read more
Source: www.homeaffairs.gov.au/trav/work/work/2018-changes-of-eligible-skilled-occupations This page summarises changes to the lists of eligible skilled occupations for Australia’s skilled visa programs that will come in to effect on 17 January 2018. This...read more
From 9 December 2017, you can apply for a visa as your partner’s ‘spouse’ if you are in a same-sex marriage following the legalisation of same-sex marriage in Australia. Under the changes, if you are in a same-sex marriage you can apply for a visa as your...read more
Saving for that all important deposit can be tough, but here are three winning tips to help set you on your way to home ownership. PUT YOUR GOALS IN WRITING Setting a financial goal will make it much easier to plan and save successfully. Make a conscious effort to...read more
SET A BUDGET Work out your expenses (fortnightly or monthly) and factor in your mortgage repayments. You might need to cut back on spending in certain areas to make sure your mortgage is a priority. Keep a diary of your spending and stick to your budget. CUT YOUR DEBT...read more
From 1 July 2017, a $1.6 million transfer balance cap will be introduced on the total amount that can be transferred into the tax-free retirement pension phase from accumulation. Superannuation balances in excess of the transfer balance cap can remain in the...read more
Farm management deposits One of the best tax planning measures available to primary producers is to utilise the farm management deposits (FMD) scheme. This has become an even more effective business and cash flow planning tool this year due to legislative changes that...read more
Small businesses may be eligible for a range of tax benefits. Are you eligible for the small business tax regime? This year there has been an important uplift in one of the small business thresholds. As a result, small businesses (sole traders, partnerships,...read more
Owners of rental properties that are being rented out or are ready and available for rent can claim immediate deductions for a range of expenses such as: interest on investment loans land tax council and water rates body corporate charges insurance repairs and...read more
Do you know what tax deductions and offsets you may be eligible for? The following tips may help you legitimately reduce your tax liability in your 2016-17 return. Claim work-related deductions Claiming all your work-related deduction entitlements may save...read more
If you are a self lodger, your 2018 income tax return must be lodged by 31 October 2018. However, you may eligible for an extension till 15 May 2019 if you are using a registered tax agent.read more
Personal & small business taxpayers the time limit is generally two years, and for other taxpayers four years, from the day of the notice of assessment for the year in question.Taxpayers can submit more than one amendment request within a period of review.read more
For Division 293 tax purposes, the individual’s income tax return is used to determine the income for Medicare surcharge purposes, which includes: • Taxable income (assessable income less deductions) • Total reportable fringe benefits amounts • Total reportable...read more
From 1 July 2015, startup businesses are eligible to claim the followings: Obtaining advice or services from accountants, lawyers, or business advisers Payment to Australian government agencies eg ASIC fee for forming a company Stamp duty payable on transferring...read more
From 1 July 2017, small businesses with a GST turnover of less than $10M, you only need to report G1 Total Sales, 1A GST on Sales, and 1B GST on Purchases. The following items are no longer required: G2 Export Sales G3 GST Free Sales G10 Capital Purcahses G11...read more
Employers are required to report payments to ATO via a payroll solution when they pay their employees, eg salaries and wages, PAYG withholding and superannuation information. For employers with 20 or more employees, single touch payroll reporting starts from 1 July...read more
From 1 July, GST will apply to imported services and digital products sold to Australian consumers. Digitalread more
Employers: Do you provide car parking or portable electronic devices to your staff for work purposes? You may be eligible for fringe benefits tax (FBT) concessions! Find out at https://ato.gov.au/FBTconcessionsread more
If you’re retired or nearing retirement, you may be wondering how the 1 July super changes will affect you. In this article, Life Begins At Magazine by The Retiree answers the top 5 questions people are asking.read more
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