$20, 000 Instant Asset Write-Off Extended
The popular $20, 000 Instant Asset Write-Off has officially been extended until June 30, 2019. If you’re an Australian small business turning over less than $10 million, you’ve been given another 12 months to take advantage of the scheme. The Government states that the extra 12 months of the scheme will “improve cash flow for […]
Is Your Contractor Really A Contractor?
Just saying someone is working for you as a contractor, even if both parties agree, is not enough to prove this legal relationship. Learn the difference between a contractor and an employee with this guide to the seven contractor warning signs. There are complex rules surrounding whether a worker is an employee or independent contractor. […]
The Real Cost Of Owning Your Rental Property
Get the real cost lowdown on your rental property with this guide from Affinitas’ resident finance expert Tanya. The long term goal of every investment asset should be to return a profit over an appropriate time frame. In the case of property, because of the high transaction costs to enter and exit the investment, the […]
Why Isn’t My Tax Return Equal To The Deductions I Claimed?
Why Don’t I Get Back Dollar for Dollar? Every year, we field heaps of questions from new and returning clients about their tax returns. One of the most common each tax season is— why don’t the tax deductions I claim equal the refund I get? Turns out, the answer is simple: tax deductions bring down […]
Top 10 Tax Deductions For Medical Professionals
Medical graduates are educated and trained to deal with many complex situations, but that doesn’t include preparing your tax returns as a working professional. Under the Australian tax system, the more you earn, the more you are taxed. For this reason, it is important to be aware of the legal deductions that can increase your […]
Why Does Deb Ask So Many Questions?
It is great to welcome new tax clients to our practice each year. Many of these new people have been recommended by existing clients or have Googled us and been impressed by the number of positive reviews and ratings. During appointments with these new clients, many comment that we do ask a lot of questions […]
Tradie Tax Confusion
Five Strategies To Help Avoid The Year Two Business Cashflow Blues Moving from earning wages to owning a business can be a confusing time for tradespeople, especially when it comes to tax. You may know a lot about plumbing, electrical wiring or carpentry, but understanding how the business tax system works can be one of […]
Salary Sacrifice for Medical Professionals
Working as a medical professional in a private or public hospital allows you to access a tax free salary sacrifice benefit. This equates to a tax free amount of around $9,000 per year coming straight off your gross income that can be spent on non deductible private expenses such as rent, a home mortgage, gym […]
Beware of Tax Time Scams
Taxpayers need to watch out for fraudsters who use tax time as an opportunity to extort money and personal information from unsuspecting victims. The ATO has warned that tax scams spike at this time of year. Last year the ATO received more than 81,000 scams reports, with more than $2.4 million being paid to scammers and almost 10,000 people providing their personal information. Just under […]
Does The Tax Office Owe You Pots of Money?
A very nervous couple came to our office recently and confessed to having 12 years (each) of overdue tax returns. With our help, they are now up to date, extremely relieved and $85,000 richer. People who get behind with their tax returns can sometimes put their heads in the sand. The task begins to look […]
