June, 2009

Preparing for Tax Time

Submitted by Michelle on Fri, 06/05/2009 - 10:32

It is important that you take the time to carefully review your accounts and seek independent professional advice to assist you with preparing for tax time to avoid mistakes and costly fines.
Following is an overview of what can be claimed*. Remember, you need to have documentation to support all of your claims.

ATO – Rental Expenses

Submitted by Michelle on Mon, 06/01/2009 - 15:05

You can claim a deduction for certain expenses you incur for the period your property is rented or is available for rent.
However, you cannot claim expenses of a capital nature or private nature – although you may be able to claim decline in value deductions or capital works deductions for certain capital expenditure or include certain capital costs in the cost base of the property for capital gains tax (CGT) purposes.

Renovations - Are They Worth It?

Submitted by Michelle on Mon, 06/01/2009 - 14:46

With the introduction of many renovation shows over past years, more and more property owners are choosing to renovate their property.
It may be a home renovation/ extension to increase the property size (avoiding having to relocate to a larger property) or a process undertaken to capitalise on the property and make money.