Tax Strategies recipes
Should You Keep Your Receipts For Personal Tax?
When it comes to tax time, having all of your receipts is vital to being able to get what you are owed and avoid running into trouble with the taxman. As a general rule, keep everything, and keep your receipts in the best condition that you can. Don’t let the government keep money that is rightfully yours, and check out the following tips so you can keep all the right receipts and get back every cent you are entitled to.
Work related
Anything that is related to you being able to do your job properly can often be at least partially claimed on your taxes. Clothing, shoes, car repairs, petrol, phone bills, and anything that you need for work can be considered a work-related expense — as can at least part of your rent and utilities costs if you do any of your work from home. Keep all of your receipts just in case it can be claimed on your tax return. On average, Australians claim just over $1,900 per person in work-related costs every tax year.
Smart Property Investment Basics for 2012
Along with shares, investing in residential property is one of the most favoured ways to build wealth in Australia. For many Australians, property investment forms an important part of their plans for financial security and retirement. These practical strategies will provide some useful insights for new property investors, although it’s advisable to consult accountants in Sydney or your local area for specific advice on tax and optimising your investment strategy.
Capital Gains Tax Discount
Capital Gains Tax (‘CGT’) applies to property acquired after September 20, 1985. However, there are many exemptions to this rule. For example, the main residence is not subject to CGT, and a 50 per cent discount to the CGT applies when the property is held for at least 12 months, subject to some limitations. CGT will have significant implications for investors who are intending to sell their property in the near future.
Key Tax Issues for New Employers
As your business expands and grows, you’ll need better financial advice and knowledge about compliance. If you’re a busy individual, why run the risk of delay by getting your tax return wrong? When it comes to accountants Sydney may have a lot of qualified professionals, but it’s important to find a firm that will provide you with unbiased advice, be able to serve individuals and businesses of any size, explain it all to you in plain English, and act as a one-stop point for all your accounting and finance needs. These are the top reasons you should see an accountant.
Save Time
Getting it right the first time may not only save you time but also help you with staying on the right side of the law. Whether it’s your tax return Sydney, financial advice, record keeping and compliance issues, there’s no need to waste time and precious resources by getting it wrong.
Click Here To Read More
Tax Issues for Investment Property Owners
Property investment is a great way to boost your wealth and plan for retirement. One key aspect of property investing is getting educated about tax issues, and knowing how to reduce your tax burden. Understanding issues such as negative gearing, depreciation, GST, and stamp duty can all help you maximise your income as a property owner. Tax issues associated with property investment can be a complicated matter so it’s generally recommended that you seek the assistance of professionals for your tax return Sydney if you have any doubts about your tax liability.
Stamp Duty
Stamp duty is one of the largest upfront costs associated with purchasing property. Stamp duty varies from state to state (or territory) and is calculated as a percentage of the property value, based on a sliding scale of taxation. For first time buyers, there’s often a concession to reduce the stamp duty payable.
Click Here To Read More
How to Minimise Your Tax
There are many ways to legally reduce your tax burden. Whether you’re a business owner, a property owner, or merely want to reduce your personal income tax, use these practical tips to reduce your tax burden and make the lodgement of your next tax return Sydney fuss free.
Keep Receipts
Keeping receipts and asking for tax invoices is a good practice that can save you in the form of deductions. Keep track of work-related as well as personal expensed.
Click Here To Read More
Six Tax Basics for Small Business
There are millions of small businesses in Australia, largely family-owned, and they represent the largest employer in the economy. Many people dream of leaving the workforce and running their own business, and most business owners will list tax and compliance to be key issues, especially when starting out. While regularly consulting qualified accountants is recommended for most business owners, this list gives an overview of the major tax issues to be aware of.
Record Keeping
Tax compliance starts with good record keeping. Good record keeping also helps you keep track of the growth and direction of your business.
Click Here To Read More
5 Reasons to get Help With Your Tax
Filling out a tax return is not high on many people’s list of favourite activities, but we all have to do it. Unless, that is, we get help from tax accountants. And getting help with your tax brings with it more advantages than simply avoiding an unwanted chore. It can save you time and money too. Our guide looks at these reasons and more why you should employ an expert to help you with your tax return.
Click Here To Read More
Check List For Individual Tax Payers
According to the ATO, there are over 12 million tax payers and over 70% of them lodge their yearly tax return through tax accountants but there are still common mistakes that we should all be aware of. Note that you are actually still liable for the details of your tax return even when it is prepared by your accountant, although you might have some room to argue. It is a nasty exercise to be audited, and although you don’t need receipts when you hand in your tax return you need to keep them for years to come. Lets look at some mistakes and suggestions.
Click Here To Read More
Taxation Changes In 2011 – More Auditing On The Way
Tax accountants are essential for any business and this year is no different. There is no way that any individual or small operator has the time to keep abreast of the constant changes. To get an idea of the changes currently in discussion or taking place, here is a look of a few of the examples. These can have a big effect on your business and the way to handle your yearly claims.
Click Here To Read More
The Tax Man Is Sniffing Around Everywhere – Even Online
If you have been operating any online business on eBay or The Trading Post, you better make sure you know a few good accountants. Since the middle of last year the Australian Taxation Office launched an online data mining offensive against traders who use eBay and The Trading Post website, digging deep into the previous 3 years. Expect their results to heat up now that we have seen an extended time of operation, and so you had better be prepared this coming year.
Click Here To Read More