Recent content by CruzAccountant

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    Changing accountant

    Hi As people mentioned above, when you change accountants, the new accountant should send the old accountant an ethical clearance letter which includes request of any records held. However: - Accountants usually do this for businesses or clients with complex tax records - The old...
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    Budget

    Thanks for the update James. What's interesting is the 50% reduction in tax on savings interest up to $1,000. In light of the GFC, and tightening on fiscal (and monetary) policy, this is another incentive for people to save.
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    2011 PAYG withholding variation application

    Here's a link to ATO penalties, more specifically to failing to withhold PAYG amounts. I cannot confirm that this is the penalty that will be administered though. http://ato.gov.au/individuals/content.asp?doc=/content/82390.htm&page=8&H8
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    2011 PAYG withholding variation application

    $90! Do you have anything else besides an IP?
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    novated lease and tax

    Cav Your thinking seems logical. If you can do the kms to get you a tax advantage, then move the capital to your IP, you'll pay less interest in the IP (therefore increasing cashflow). It's worth doing the numbers, but the theory of it is logical. Richard
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    Henry Review - Negative Gearing

    The government have released their initial response to the Henry Review on the 2nd of May. Dr henry recommended 1) reducing the CGT discount, and 2) applying a discount to negative gearing deductions (Recommendations 14 and 17(c)), however these were rejected by the government. Just as an...
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    Real Estate website Searches

    Hi Out of curiosity, when you log onto realestate.com or domain and type in a suburb, how do you sort the properties? Do you: 1) Leave it as "most relevant" 2) Sort by lowest price 3) Set your price range and go through the list as it comes out Richard
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    Tax Star

    I have a few taxstar products. I've purchased some for my clients as well. Mixed feedback. Personally, i think it's a bit pricey for what you get, but it's also good quality.
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    Nathan Birch first investment property

    Nathan Your story is truly of great inspiration. It's very motivating. Of course you can look back and say you can do things 10x better, but you won't be where you are now without going through the learning experience before. Richard
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    Borrowing to pay tax?

    Yes, it's specifically excluded in section 25-5(2)(c). So, referring to the question which started this thread, if the tax liability as a result of Capital Gains Tax was borrowed through a bank, then it's not deductible. If it were "borrowed" through the ATO (probably via a payment plan)...
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    25members66guests

    It's good to see a forum that you can browse without joining. I think it tends to attract more people that way.
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    Borrowing to pay tax?

    Hi Rob I appreciate your viewpoint. If you believe that interest paid on outstanding tax is not deductible for non-business owners, then can you elaborate on why: 1) When tax agents download a pre-filling report for a client, the interest income and expense are assigned (by the ATO) to...
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    Do I need an accountant?

    $300 - $400 for one rental property. Wow, that's a fair bit. There are usually 3 reasons why clients come to accountants: 1) Security - just the fact they have someone else looking over the numbers and ensuring that they are compliant 2) Networking - their accountant can sometimes be a...
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    Accountant - New to Somersoft Forum!

    Hi twobobsworth - thanks for the advice. I'll get onto it. Hi Nathan - I'm out at Kellyville Ridge. I checked out your website and love your philosophy. Perhaps we can have a chat one day.
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    DIY Tax for Trust

    You can do it yourself, but it'd be best to get an accountant to review it and make sure you're on the right track. This should lower your costs a bit. From an accountant's point of view, if the info comes to us neat, easy to read and balanced, then it will cost us less to do. This should...
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