Should you get private health insurance?

May 29, 2017

With cost of private health insurance increasing every year, many people are asking themselves “is it worth it?” The answer to that is “it depends”. Ultimately, this decision is both an emotional and financial one. There are several factors to consider from a financial perspective when deciding to take out private health insurance – the ‘Medicare Levy Surcharge’, ‘Private Health Insurance Rebate’, the cost of the hospital insurance policy and ‘Lifetime Health Cover Loading’.

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Important tax planning strategies for 2017

April 4, 2017

Understanding what the potential tax liability will be for your business and allowing time for tax planning can save you thousands of dollars. At the very least, it will assist you in the preparation of your budgets and cash flow projections for the coming financial year.

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How to Reduce Capital Gains Tax While You Are Away.

January 22, 2017

For many people, the single biggest asset they will own is the family home. Luckily, the Main Residence Exemption means Capital Gains Tax is not payable upon sale of this asset, under most circumstances. However, if you leave the property for an extended period of time, or you rent the property out, you may only be eligible for a partial CGT exemption. But the good news is there are two rules which can be applied to help to reduce the net Capital Gain – the Temporary Absence Rule and the Market Value Rule.

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Common Tax Deductions for Tradies

November 28, 2016

If you are a tradie (employee or contractor) then you are probably paying for things that you may be able to claim on your tax return. Clothing (must have business logo) - you can claim your work-wear as long it bares the company logo

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A majority of myTax returns contain errors!

November 21, 2016

H&R Block recently reviewed the accuracy of self-submitted tax returns filed via “myTax”. Alarmingly, over 60 percent of the returns studied contained errors and approximately two-thirds of those errors favoured the ATO!

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Changes to the Zone Tax Offset may affect your eligibility

June 24, 2016

The Law has changed about who is eligible to claim the zone tax offset. Previously you could claim this offset if you resided or worked in a remote area, however under the new law you can only claim the offset if ...

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Extra Time for small business to become SuperStream compliant

June 24, 2016

The ATO has recently advised that they are extending the deadline for small business to become SuperStream compliant to the 28th October, 2016. Previously this was 30th June, 2016.

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The lowdown on negative gearing and proposed tax reforms

February 29, 2016

Anyone who has taken an interest in business or political news over the last few weeks will have no doubt heard many references to the proposed changes to Negative Gearing (and Capital Gains Tax) put forward by the Opposition Labour Party. Before...

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