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66 per cent of investment properties have one thing in common

BMT Tax Depreciation has been helping property investors claim thousands of dollars in depreciation deductions for decades. A look into the schedules they have completed in the last three years has revealed an interesting statistic: 66% of these investment properties have undergone a renovation or...

Are you operating your business through a ‘Family Trust’?

Have you considered operating your business through a ‘Family Trust’ (if you don’t already do so)? What is a ‘Family Trust’? A ‘Family Trust’ for tax purposes is one whose trustee has made a valid Family Trust Election (FTE). It is not sufficient to simply include the...

New stapled superannuation fund rules: What employers need to do

From 1 November 2021, if you have new employees start and they don't choose a superannuation fund, you may have an extra step to take to comply with the choice of fund rules. You may need to request their ‘stapled superannuation fund’ details from the...

Small businesses tax concessions

The aggregated turnover test The small business entity (SBE) aggregated turnover test is used to determine a business's eligibility for a range of tax concessions. The test requires the annual turnovers of the business and its affiliates and any entities connected with it (if any) to...

Single Touch Payroll Phase 2

If your business has employees, you are probably using Single Touch Payroll (STP) to report payroll and superannuation information to the ATO. Certain employers can apply for an exemption from using STP, for example, small employers (1-19 employees) with no or low digital capacity or no...

“The Protector” – Asset protection strategy for your equity

Many Australians own properties in their individual names. These properties may have a large equity component (asset value greater than liability value). The property can be a family home or an investment property. Creating an asset protection plan to minimise your risk is as important as...

Are you a landlord?

In 2019–20, over 1.8 million Australians owned rental properties and claimed $38 billion in deductions. According to the ATO, the most common mistake rental property and holiday homeowners make is neglecting to declare all their income. This includes failing to declare any capital gains from selling...

Have you lodged your tax return?

If you lodge your own income tax return, you have to do so by October 31 (unless you have a substituted accounting period). Because October 31, 2021 falls on a Sunday this year, the effective last day to lodge a return is the following Monday,...

What is a director ID and who needs to apply

The director identification number (director ID) initiative is introduced as a part of the Government’s Modernising Business Registers (MBR) Program. Directors will be required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a unique...