June Newsletter 2023
As we are about to embark on the new financial year, we would like to bring to your attention some changes in Australian Taxation Law that might impact you. Here are the key updates:
July Newsletter
While the temptation to lodge early this year may be great, taxpayers have been urged to hold out until the ATO finalises income statements and pre-fill information to avoid a surprise tax bill down the road.
Motor Vehicle Expenses
There are a number of different ways whereby you can claim for the use of your Motor Vehicle in your tax preparation.
Capital Gains Tax
If you make a taxable capital gain on an asset in a tax year, you will need to pay tax on that gain. This is called Capital Gains Tax.
What is negative gearing?
Negative gearing, put simply, is investing in something whereby the income produced by that investment will be exceeded by the costs incurred in holding that asset.
Rental Properties
It is quite common these days to have a rental property, so it is important to know what expenses are incurred in owning that property you can claim as a tax deduction.