Rental property investors can claim capital works deductions for construction costs for a rental property, however there are limits imposed in relation to the dates such works were completed. The deductions are only available on residential properties if these were built after 17 July 1985. Generally, up to 15 September 1987 the rate is 4%...

Recent legislative reforms to the superannuation arena are set to change the retirement savings landscape for many Australians. The Federal Government says the Your Future, Your Super reforms will help ensure superannuation works in the best financial interests of all Australians by removing unnecessary waste, increasing accountability and transparency, and providing more flexibility for families...

Access our Wallace Partners Client Information Newsletter August 2021 below: Wallace Partners CIN August 2021

Many incorporated business owners may twitch a little whenever the term Division 7A is uttered within earshot — and not just those who may have attempted to make “tax-light” distributions. The fact is, in these COVID-19 times, that concerns about Div 7A applying are understandable. Some borrowers are facing circumstances beyond their control, and even...

On 1 July 2021, the super guarantee rate will rise from 9.5% to 10%. If you have employees, you will need to ensure your payroll and accounting systems are updated to incorporate the increase to the super rate. If you need help to work out how much super you need to pay for your employees...

While most people look forward to receiving a tax refund once their return is processed by the ATO, it is also not unheard of to receive a tax bill on occasion. Most people who earn income as employees have tax payments made on their behalf throughout the year through pay-as-you-go (PAYG) withholding to help them...

There will most likely come a time when your SMSF will need to be wound up, with a change in members, the fund’s finances, perhaps separation or other family reasons among the many reasons why winding up the fund becomes necessary. For example, the reasons to wind up an SMSF could include: there are no...

The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms. To claim a deduction it is generally expected that you will be able to provide evidence that you purchased the clothing concerned, and will have...

We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes. To do this make sure you have: declared all income, including cash and online sales, dividends, interest, capital gains or one-off...

Access our Wallace Partners Client Information Newsletter July 2021 below: Wallace Partners CIN July 2021