While I don’t disagree with the Australian government’s decision to allow people to take out $10,000 one year and $10,000 the next due to Covid-19 – I do not view it as a lifeline.
I view it as having a massive night out – but the hangover could last the rest of your life.
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Marginal Tax rates What type of year is this? Is this a small year, a normal year or a big year? Small Year Normal Year Big Year Do you have a spouse? Types of Income Employment Income – can’t be changed Interest/Dividend Income Managed Fund Income Sole Trader/Business […]
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How long have you been in business? Firstly, if you have just started business (or have been in business less than 5 years) – you probably want to focus on making the business look as “good” as possible. What type of year do you want? It depends on the type of year that
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“The Government may not actually constitutionally have the right to make laws – so tax may be illegal.” I’ve had a few conversations with clients or others that have heard of this concept or say their friend is doing it. If you are chatting with a mate who is suggesting this – just mention the […]
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The taxable payments annual report (TPAR) reports to the ATO information about payments made to contractors for certain services. TPAR for the building and construction industry has been in place for some years. In recent years, cleaning services, courier services and some government entities have been added to the system. Last year, taxable payments reporting […]
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Property Purchased = Cost Base for Capital Gains Purposes You probably already know that the Building and Pest Inspection (and also your Conveyancing Costs) form part of your Cost Base for Capital Gains purposes. This means unfortunately that you do not receive an immediate tax deduction for them, but that they reduce your capital gain […]
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PAYG quarterly instalment system – like a car! The PAYG instalment system is like a car. It is simple – it has an engine and it takes you places. While I don’t need to understand how the engine works, by doing certain things (like taking off slowly, not running the air conditioner at the bottom […]
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