Money Matters

Businesses Buying Plant and Equipment

27th Jun 2012 | Source:Julia Hartman - B.Bus CA CPA
Businesses Buying Plant and Equipment

You may be considering buying plant and equipment before the end of the financial year in order to benefit from a tax deduction. In the case of rental properties and businesses too big to qualify for the small business concessions the equipment is depreciated so you will only qualify for one month’s depreciation which will
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Get a MoneySmart start to 2012

15th Jan 2012 | Source:Australian Securities & Investment Commission
Get a MoneySmart start to 2012

ASIC recently announced its MoneySmart website has a new budget planner to help people start 2012 with a fresh financial outlook. MoneySmart’s Delia Rickard said: ‘Getting out of debt and getting sorted financially are top new year’s resolutions for many people this year. Our new budget planner can help new year resolutions come true –
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Seasonal Workers From Overseas (Backpackers)

14th Dec 2011 | Source:Julia Hartman - B.Bus CA CPA
Seasonal Workers From Overseas (Backpackers)

Possibly due to our labour shortage the government has introduced some tax concessions for backpackers from the Pacific region to pick fruit and other seasonal work. These people would normally not qualify as residence of Australia for tax purposes and as a result be subject to a minimum tax rate of 29 cents in the
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Considering Making A Superannuation Contribution?

9th May 2011 | Source:Julia Hartman - B.Bus CA CPA
Considering Making A Superannuation Contribution?

It is that time of year again where you need to get your head around the latest changes to the superannuation contribution rules and decide what you can afford. The following covers large superannuation contributions. Note that even after reading these articles you must seek professional advice on your strategy as there are just too
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Spending Money On Your Rental Before Year End

7th Apr 2011 | Source:Julia Hartman - B.Bus CA CPA
Spending Money On Your Rental Before Year End

If you have a bit of spare cash and feel you pay too much tax you maybe considering spending it on your rental property before 30th June, 2011. Here are some of the basic strategies explained: Payments in advance This is simply borrowing deductions from next year to claim in this year. It is not
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Who’s Name To Buy An Investment Property In

21st Feb 2011 | Author:Julia Hartman - B.Bus CA CPA
Who’s Name To Buy An Investment Property In

The question usually revolves around whether you prefer asset protection or tax benefits. Combining both gets more complicated. If you are not concerned about asset protection you would probably prefer to hold a property in your personal name so that any tax losses from the property can be offset against your personal income. Make sure
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Choosing a Business Structure

31st Dec 2010 | Author:Julia Hartman - B.Bus CA CPA
Choosing a Business Structure

The factors relevant to this decision are usually adaptability for the future, asset protection and tax minimisation. Asset protection needs to work both ways, if someone sues you they should not be able to access the business assets and if someone sues the business they should not be able to access your assets. Obviously this
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ATO Cash Economy Audits

13th Dec 2010 | Author:Julia Hartman - B.Bus CA CPA
ATO Cash Economy Audits

Despite stating they wouldn’t, the ATO is now using its industry benchmarks to decide what income a business should have and assessing it on that amount when reported income is lower than the benchmarks. The only defence is good record keeping but that hasn’t even been enough in the case of one taxpayer, that reported
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Deducting Education Expenses On Youth Allowance

23rd Nov 2010 | Author:Julia Hartman - B.Bus CA CPA
Deducting Education Expenses On Youth Allowance

Despite the ATO’s unlimited taxpayer funded resources to appeal to every court in the land when it loses a case, truth and justice has prevailed in Anstis’ Case. Nevertheless, despite losing the case hands down and being refused leave to appeal the ATO has still not actually admitted defeat (let alone how  much money they
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Property Versus Shares

15th Oct 2010 | Author:Julia Hartman - B.Bus CA CPA
Property Versus Shares

Personally I have made more money out of property than shares but as I have got older and lazier I have concentrated on shares. Property provides a much better opportunity to make money out of your own initiative, whether it be research, renovation or management. Shares really only provide you with the opportunity to research
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