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Business Income and Expenses Subject to cash flow requirements, consider deferring income until after 30 June, especially if you expect lower income for 2016/17 compared to 2015/16. Most businesses are taxed on income when it is invoiced. Some small businesses may be taxed only when income is rece...

Read more: General year-end tax strategies

It is an unfortunate fact of business life that sometimes you will not be paid in full for work you have done. When this happens you have incurred a bad debt, and it is a very frustrating experience. The silver lining to this situation is that there are some tax breaks that can come along with a ba...

Read more: Bad debts for tax purposes

A new dependant tax offset allows individuals to claim an offset for invalids and carers. At the start of the 2012-13 financial year, the ATO made some changes to how individuals can claim offsets for dependants when lodging a tax return.   One change is the eligibility age for the dependant tax...

Read more: Dependant tax offset changed

In our last newsletter, we visited the issue of protecting your assets and started to discuss some of the ‘ownership’ options such as companies or trusts.  Many businesses operate via a company.  Some people with large amounts of business assets even use a separate company (or other entity) t...

Read more: Protect Your Assets (part two)

Testamentary Trusts can be incorporated into a Will to provide greater flexibility for the beneficiaries of a deceased estate.  A Testamentary Trust operates under a Trust structure whereby assets are managed by one person or persons, such as a trustee, for the benefits of others, known as benefic...

Read more: What is a Testamentary Trust?

With 30 June 2013 only 3 weeks away it is perfect time to review your situation to make sure that you take advantage of any planning opportunities to ensure that your financial situation is maximised.    Document and claim all work-related expenses, you can automatically write off $300 a year ...

Read more: Top Tax Tips for Individuals

Useful check for claiming your entitled deductions

Motor Vehicle Checklist

Are you claiming all you’re entitled to? RAA Membership, Parking, Car Insurance? Use this motor vehicle checklist as a guide to help maximise your vehicle related tax deductions.

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Rental Property Checklist

Investment properties incur a number of expenses. Strata fees, insurance, interest and any repairs or maintenance just to name a few. Use this checklis to assist claiming all that you're entitled to.

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Individual Tax Return Checklist

At the end of the financial year it can be a daunting tasks preparing your Individual Tax Return for lodgement. Use this checklist to assist with collecting all the information you'll need.

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