2020 Federal Budget
2020 Federal Budget – Key take-aways for individuals & businesses INDIVIDUALS PERSONAL INCOME TAX CUTS Date of effect 1 July 2020 Tax thresholds Tax rate Current From 1 July 2020 From 1 July 2024 0% $0 – $18,200 $0 – $18,200 …
Read MoreCar Expense: Logbook Method
You can claim deductions for car expenses when you use your own car for work purpose, including the leased or hired car. However, you can only claim the business-use percentage of the car expenses. To claim your car expenses properly, you can use the logbook method. If you use the logbook method, you should be aware of the followings: You…
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7 Steps to prepare for the $50,000 NEW home owner grant! Investors included! One month to go! Act Now!
Australia’s peak property body is lobbying the government to provide a $50,000 grant to buyers of newly constructed dwellings. The Property Council of Australia has proposed the ‘New Home Boost’ grant as part of its seven‐point plan to the National Cabinet for kickstarting construction and the economy. Buyers of newly built homes would receive a $50,000 incentive from the Morrison…
Read MoreTax tips for Teaching or Coaching
As a teacher or school coach, you may be able to claim deductions for the following expenses. The expenses should be work-related and be paid out from your pocket but not reimbursed by your employer. Books, journals and professional library Car expenses Travel expenses Clothing expenses (including footwear and work uniforms) Laundry and dry-cleaning expenses Excursions, school trips and camps…
Read MoreSaving for Your First Home?
Saving to buy your first home? Did you know that you can contribute money into your super to help you save faster for your first home? Find out more about the new First Home Super Saver Scheme and whether it can work for you in the following article. First Home Super Saver Scheme The First Home Super Saver (FHSS) Scheme…
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Buying a new home?
Is it time for a home loan health check? In 2016, we enjoyed the lowest interest rates on record. But have you been able to take advantage of the benefits? With home loan interest rates this low, if you are thinking about purchasing a new property now is a good time to talk to us about it. But more importantly,…
Read MoreThinking of Downsizing?
Are you 65 or over and thinking of selling the family home? If you’re eligible you can put up to $300,000 from the sale of your home into your super without affecting your contributions cap. This change is part of the 2017-18 Federal Budget’s housing affordability scheme. Check the following article to see if you’re eligible. Downsizing contributions into superannuation…
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