 |
#EveryoneNeedsaPlan: CGT on Collectables (Artwork | Jewelry)
Posted by Dean McKinnon
on 19 April 2024
Most of us are unaware that the federal government taxes capital gains made on “personal use assets” like furniture & clothes, and “collectables” like artwork and jewellery!
The ATO define “collectables”: artwork, antiques, coin or medallion, rare folio / manuscript or book, postage stamp or “first day cover”
Only applies to collectables with an initial cost of more than $500 (if under $500, exempt from CGT)
Capital losses incurred from ...
| Posted in:Tax | 0 Comments |
#EveryoneNeedsaPlan: Small Business Skills and Training Boost
Posted by Dean McKinnon
on 12 April 2024
The Federal government has introduced a 20% bonus deduction on eligible training expenditure for small business employees:
Small business is defined as having an annual turnover of less than $50 million
Eligible expenditure incurred after 29 March 2022 until 30 June 2024
Sole Trader, Business Partnership and Independent Contractors not eligible
Example: training cost $1000 per employee = $1200 total tax deduction [$1000 deduction for the training + $200 bonus deduction]
You can find th...
| Posted in:Tax | 0 Comments |
#EveryoneNeedsaPlan: Battery Booster Program
Posted by Dean McKinnon
on 5 April 2024
The Queensland Government has announced the Battery Booster rebate for householders is now open for applications.
$3000 Standard rebate available for households with combined income of under $180,000
$4000 Low-income rebate available for households with household’s highest income less than $66,667
Conditional approval letter required before installing battery system
Solar system must be minimum 5 kW capacity
Battery and installer must be on approved list
Safety inspection requir...
| Posted in:Budgeting | 0 Comments |
#EveryoneNeedsaPlan: Superannuation Contribution Caps Increased as of July 2024
Posted by Dean McKinnon
on 28 March 2024
Superannuation concessional and non-concessional contribution limits will be increased from 1 July, 2024 (i.e., the 2025 FY)
Superannuation investments generally incur a lower rate of tax when compared to non-superannuation investments
Accumulating savings in superannuation is a tax-effective strategy for retirement planning
Contributions to superannuation are limited and exceeding the limits will have tax consequences
Concessional Contributions (CC) to superannuation may be claime...
| Posted in:TaxSuperannuationFinancial Planning | 0 Comments |
#EveryoneNeedsaPlan: ATO Data Matching Rental Bonds & Novated Leases
Posted by Dean McKinnon
on 21 March 2024
Commencing 2024 FY through 2026 FY, the ATO will demand comprehensive data records from rental property bond authorities and novated lease companies:
The ATO want to use the data obtained to match against taxpayer records and make sure all applicable tax is being paid
ATO Rental Bond Data Matching
ATO Novated Lease Data Matching
Included in the data obtained from the rental bond authorities will be the rental payments
If the rental payments don't match the income decla...
| Posted in:TaxMortgages and FinanceInvestment | 0 Comments |
