Search results

It's only business income. Rent is input taxed and not included to for GST registration requirements.

Except one report is from the real estate industry and the other is the ABS

noodles, that is good news, because there is no restriction to what you can sacrifice, only whatever your employers policy is. Many people use it to pay off credit cards, personal loans, etc.

exsyd, Interested to see which bank has fixed rates below variable at present. I've had a quick look at a couple of banks websites and all fixed rates are above the variable?

Forgot to mention that the numbers above were based upon a $100,000 loan.

noodles, are you employed by a Not for Profit Organisation? If so, then that is really the only way to salary sacrifice private expenses effectively.

I've looked at this also and my biggest argument against fixing is that you are guaranteeing a higher rate initially, and you are betting against the banks/IR markets. I've done some basic numbers from the current ANZ rates. The standard variable is 5.91% and 5 yr fixed rate is 6.84%. Some...

chb, I'm not a lawyer, but from my understanding, fixtures to land become part of the land and it is very difficult to then separate them. So, the land owner would own your house also. Unless the house was not a permanent fixture to the land. I have experienced this personally, we built a...

Hi JenD, Expenses are deductible when incurred, ie; invoice date, and income is not assessable until actually received. hope this helps. Ross

Of course everyone is free to do it themselves, but if you do just use the ATO information, it's like getting advice about family planning from a prostitute... The ATO is not concerned about minimising your tax and won't tell you how to, just how to do the "right" thing,in their opinion, of...

As a contrarian, I bought a small parcel late in 2007. They have been overdone by the media, and there is significant upside potential return, with known downside risk. Even as a liquidated company they would provide a good return on capital.

I don't completely agree with the above. Tax losses carry forward indefinitely, and so can be offset in the future against capital gains. For example if your taxable income each year is -$10,000, and after 5 years you make a $100,000 capital gain, after the 50% discount it is $50,000...

Hi Tony, There is no reason why your trust return should be dramatically higher cost than a rental property return in an individuals name. There are some other things that need to be done with a trust, such as minutes, distributions, accounts, etc. But, anyone who deals with trust returns...

The Don is spot on with the reimbursement. Also, the company does not have to be in "business" to employ you, and so provide the laptop FBT free. What is important is that you are employed by the company. What the company does to earn it's income really doesn't matter. Hope this helps. Ross

What should you do? first, communicate with the agent that the fee is not acceptable and very unusual, and asked that it be waived, second, have them send the contract by registered post, at their cost, third, start looking for a new agent, or just do this first. They are within...

Carlau, Some of the changes to super from 1 July relate to undeducted contributions, so no tax benefit, ie; there will be an undeducted contribution limit of $150k per year, or $450k over 3 years. Deductible contributions will be limited to $50,000 for everyone, except those over 50...

The stats are only reflecting GDP, which is very generalised across the states. As with everything, one market may be going down but another is going up, and another static. The "Recession" is a technical recession, ie; subsequent quarters of negative GDP growth, but unless you're selling...

Hi Brenda, Unfortunately income tax is not a tax deductible expense, no matter how you look at it. Tax is just a sign that you're either making money or have a bad tax accountant.

Hi Carlau, It depends on if you are an employee or substantially self employed as to if and how you can effectively rollover your CGT into a super fund. If you're an employee then you can't get a tax deduction for super contributions, but you can salary sacrifice your wage into super. But...

I have a 100% guaranteed way to reduce your tax by whatever amount you want to...... Pay me!!! LOL obviously the big problem with continuous tax losses is that they usually have a correlation with losing money...which is bad