The occupation and industry guides serve as valuable aids when completing your tax return. Utilize these guides to: To qualify for deductions on work-related expenses, you need to adhere to the 3 fundamental rules: What to Include and Exclude It’s essential to report all income received as a doctor, specialist, or medical professional within the…
Read more
Investors must consider a range of tax laws dealing with income, assets and deductions. Investment returns can be on revenue or capital account. Similarly investment expenditure could also be on revenue or capital account. The distinction between revenue and capital is not aways clear and characterisation of a receipt will ultimately depend on the circumstances…
Read more
Listen to our Principal, Teddy Kosasih FCPA CA, explaining what you can claim on interest on rental property loan this year. For more information please contact our team on 02 9267 4468 or [email protected]. Please visit our website on www.maxgrowth.com.au for an up to date information.
Listen to our Principal, Teddy Kosasih FCPA CA, explaining why your tax refund is lower this year.
Certain concessional contributions of a taxpayer whose income is in excess of the Division 293 threshold for the year (see table below) are taxed at 30%. This rate of tax includes the normal contributions tax of 15% paid by the receiving fund on concessional contributions plus an additional tax of 15% known as Division 293…
Read more
Choosing the right business structure to maximise the return and to minimise the legal and economic risk for the owner(s) is important. Choice of structure can significantly affect the tax liability arising from various transactions. Sole traderA sole trader is subject to income tax on all sources of assessable income whether from business, salary and…
Read more
Superannuation funds must meet the ‘sole purpose test'(s62 SIS Act) to be eligible for the tax concessions available to a complying superannuation fund. This means a superannuation fund needs to be maintained for the sole purpose of providing retirement benefits to its members, or to their dependants if a member dies before retirement. A superannuation…
Read more
Negative gearing is the term given when interest paid on funds borrowed to finance the acquisition of an income-generating investment (eg a rental property, shares which generate dividends, or any other investment that generates assessable income) exceeds income received in the short-term, ie the investment produces a net tax loss for the year. There is…
Read more
The past few years have been challenging for many small businesses with the COVID-19 pandemic and natural disasters having a significant impact on their businesses. With the announcement of tax penalty amnesty scheme in the May 2023-2024 federal budget, the Australian Taxation Office is encouraging small businesses which have overdue income tax returns, fringe benefit…
Read more
ITAA97 Subdiv 118-B A dwelling that is owned by an individual and qualifies as their main residence throughout the period they own it is generally exempt from CGT. However, if the dwelling is also used for income earning activities or it has not always been the taxpayer’s home throughout the period they owned it, then…
Read more
