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Do you own an Investment Property? If the answer is YES, expect some big tax changes with new rules coming into force on 1st July 2017.

If you purchased a property that had installed fridges or dishwashers, you were entitled to claim tax deductions by depreciating them. Owners are now only entitled to claim things they have purchased themselves.

If you have an Interstate or Overseas Investment Property, you are no longer allowed to claim any trips to visit your property against tax.

So if you are planning on visiting your Overseas or Interstate Investment Property soon, we suggest a short trip to inspect it before 30th June 2017.

If you would like to schedule an appointment for Tax Advice regarding your Investment Property, please contact A Grade Tax on (02) 4731 1405.

The ATO have produced a range of tax tables to assist you with your calculations on how much you need to withhold from payments you make to your employees or other payees.

For the most up to date Tax Tables, visit the ATO at: https://www.ato.gov.au/Rates/Tax-tables/

Here you will also find a link to a tax withheld calculator that does the work for you by calculate the correct amount of tax to withhold.

If you would like more information or would like to organise an appointment for Tax Advice with one of our business specialists, please call us on (02) 4731 1405.

Did you read the Sunday Telegraph on April 23^rd 2017? If you missed it, not to worry, here is an overview of the article on page 8…

 Six of Australia’s largest Industry Superannuation Funds have all paid more than $5 Million to unions in the past 10 years.

When you look at the statistics, there are roughly 5 million Australians who have industry Super Funds but only 15% of workers belong to a union. It makes you think about what they are doing with your Superannuation, doesn’t it.

If you would like more information on choosing a Superannuation Fund that is right for you, visit ASIC’s MoneySmart website at: https://www.moneysmart.gov.au/superannuation-and-retirement/how-super-works/choosing-a-super-fund

Superannuation Changes and what it means to you!

In the coming months, we will see some big changes to Australia’s Superannuation Rules. 

Did you know that from 1^st July 2017:-

•  If you are under 75 years old, you are eligible to make tax deductible super contributions at any time rather than resorting to salary sacrifice;
• Before-tax contributions will reduce to $25,000 and after-tax contributions will reduce from $180,000 to $100,000 per year;

• Individuals will have a limit of $1.6 million held in a super pension account which is tax free. Anything over this amount needs to be invested in a taxed superannuation fund;

• Tax-free investment earnings will no longer be beneficial with transition to retirement pensions; 

•  If your spouse earns less than $40,000 per annum and you make super contributions to your partner’s superfund, you are entitled to claim the $540 low Income Spouse Contribution Tax Offset. 

Now is the time to start reviewing your Superannuation and assess how these changes will affect you.

 Here are some ideas on what to look into before these changes come into effect:-

•  Planned Asset Sales are a good way to increase your Superannuation prior to the new financial year;
• Think about increasing your salary sacrifice prior to the lower caps start for pre-tax contributions; 

•  Take advantage of after-tax contributions capped at $540,000 now, before it decreases to $300,000 in the new financial year