Holiday Home Deductions: What you need to know.

December 6, 2023
Holiday Home Deductions’ What you need to know. | ATO | Accountant | Bayswater

Unlocking the Secrets of Deductions: A Holiday Home Owners’ Essential Checklist It’s essential for property owners to understand the intricacies of deductions associated with their cherished holiday retreats. However, as the holiday season approaches, they may find that their holiday retreats become a valuable source of income. To ensure you make the most of your …

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Property Depreciation

November 10, 2023
Property Depreciation | ATO | Accountant | Bayswater

Property Depreciation as a Tax Deduction A property’s depreciation is the natural wear and tear that occurs over time to its assets. Depreciation can be claimed as a tax deduction by owners of income-producing properties. Tax deductions for depreciation can be claimed for up to forty years, making it the second largest tax deduction available …

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Providing Affordable Housing? You Could Be Eligible For A CGT Discount

October 25, 2023

Tax Audits An additional 10% capital gains tax (CGT) discount may be available when you sell an Australian residential rental property that you used to provide affordable housing. This will increase the potential maximum capital gains discount percentage on your sale from 50% to 60%. What Is Affordable Housing? For the affordable housing CGT discount …

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Would You be a Target of a Tax Audit?

October 12, 2023
Tax Audits | ATO | Accountant | Bayswater

Tax Audits Although tax audits have traditionally been targeted at the wealthy and big businesses, this has changed in recent years. ATO and other government agencies are increasingly focusing on small to medium businesses and individuals, especially those who own rental properties, operate trusts, and/or have Self Managed Super Funds. If the tax office calls, …

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When is My BAS Due?

September 28, 2023
BAS Due Dates | Accountant | Bayswater

BAS Due Dates The number one question we receive from clients is when to file my BAS (business activity statement)? To help you understand your BAS obligations and how to lodge, we have created this resource. By adhering to these guidelines, you can confidently meet the requirements set forth by the Australian Taxation Office, accurately …

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Superannuation-Related Obligations Employers Need To Keep In Mind

September 14, 2023
Superannuation Related Obligations for Employers | TAS | Bayswater

Employer Superannuation Obligations While the hustle and bustle of operating and managing a business can occupy your mind, it’s important not to forget your superannuation obligations to your employees. Those who fail to meet their super obligations risk facing severe and even damaging liabilities, penalties and even potential imprisonment. Are you aware of your obligations? …

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Investment Property Loan Interest As A Tax Deduction?

August 2, 2023
Investment Property Loan Interest As A Tax Deduction? | Accountants Bayswater | TAS

Investment Properties and Tax Deductions The interest you pay on a loan to buy an investment property can be deducted from your income This means that, if you borrow against your main residence to buy an investment property, the interest from that loan is tax-deductible. Conversely, if you borrow money against your investment property to …

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What Happens To Superannuation When Bankruptcy Is Declared?

July 31, 2023
Superannuation and Bankruptcy - What Happens? | TAS | Bayswater

Superannuation and Bankruptcy – What You Need To Know Have you ever wondered what happens to superannuation in bankruptcy situations? Bankruptcy is a legal process that can be commenced when you are declared unable to pay your debts. It is a process that can release you from most debts, provide relief and allow you to …

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Tax Tips For Independent Support Workers (NDIS)

July 4, 2023

NDIS Workers and Tax As an independent support worker, you are operating your own business. That means you’re your own boss, which is wonderful, but it also means managing your tax and financial obligations.  It’s not the most exciting thing to do, but it’s important to stay on top of it. As a disability support …

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How to link myGov to the ATO and Business Portal

June 30, 2023

MyGov / ATO When it comes to managing your obligations as a business owner, connecting your myGov account with the ATO and Online Services for Business (formerly the “ATO Business Portal”) makes life much easier. Our clients should always set up the following online accounts. As a result, you and your tax agent always have …

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Your Guide To Super Contributions

June 8, 2023

Superannuation – What You Need To Know In some circumstances, superannuation contributions can be claimed on your tax return if they are made to a super fund or retirement savings account. However, these circumstances are limited and may require professional advice to maximise the benefits. Superannuation contributions that are paid by your employers directly to …

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Are NDIS support workers exempt from GST?

June 4, 2023

NDIS Workers and GST Are you working as an NDIS Support Worker? You may need to register for GST sometimes as it is not always NDIS GST Free. We they cover the GST obligations for employees, subcontractors through agencies, and sole traders managing their clients. NDIS is GST-free, right? In general, NDIS contracts are GST-free. …

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