A recent news article appearing in the Sydney Morning Herald claimed that Bunnings Warehouse’s ABN (Australian Business Number) was been falsely quoted by a staggering 40% of all contractors in the Northern Territory. This means that potentially
Legislation aiming to change depreciation claimed on rental properties
As proposed in the federal budget on 10 May 2017 and now law, there are changes to claiming depreciation on rental properties. If you acquire a residential investment property which contains “previously used” depreciating assets e.g. whitegoods and
The perils of undisclosed income
The following case is a true story. It goes to prove that simply signing your tax return and not disclosing ALL related income could result in enormous penalties and extra tax. Mr Gu disclosed $20,800 in salary and wages in his 2013 tax return.
Super catch-up provisions
The final in our series on the changes to superannuation now focuses on the “catch up provisions” that come into effect from 1 July 2017, but can only really be accessed from 1 July 2018. The catch up provisions allow individuals that meet certain
