Recent content by FletcherTax

Happy to be of help if I may. I'm based in Lindfield (north shore) and happy to help virtually if more practical. Best, Janna Fletcher Tax www.fletchertax.com.au

Can you point me to a current FTB Calculator? I keep finding prior year ones but not current. As for current, the Family Assistance Office has a summary page of how much will be payable (per Parts A & B) and thresholds applicable etc so you can work it out manually...

George, you can claim a maximum of $300 against salary/wage income assuming you can relate and identify the expense/s to your work. Over $300, all receipts are required. In terms of what you can claim, it depends on your occupation. Each occupation has varying expenses specific to their...

As mentioned by depreciator, once you choose the method you cannot alternate. This decision is made based on your other income. ie. do you need the greatest deductions to reduce your taxable income now? If yes, then diminishing method provides higher deductions in the earlier years.

In practice, accountants do not use MYOB to calculate depreciation but instead a separate system and only give you the journal to put through in your own books in order to agree their balance sheet figures to yours. If you are going to do the entire calculation yourself, you may wish to...

What you are referring to is commonly termed negative gearing. This is when rental losses from your investment property/ies (mainly caused by high interest deductions) contra your other income such as employment, dividends, interest etc. - Capital Gains (profits made on sale of IP's) are...

Agree with Propertunity. I would also keep a diary/log of what you do each day (if private just note private - this part doesn't need to be expanded on). This will aid at end of tax year as well as decide apportionment if required. Fletcher Tax Accountants

Please be aware that there are scam emails being emailed to individuals claiming you have outstanding ATO refunds and that your personal details are required to finalise the refund being processed. The ATO does NOT email taxpayers nor tax agents unless you have a current tax matter and an ATO...

I think expectations need to be clear from the start. Some accountants concentrate on the big fish leaving small fish behind for a "quiet period" hence the 6months+ wait. Got to say it was very smart of the govt to have the 30 June cut off for the tax bonus. Aimed to "stimulate our...

Wow this post is certainly very interesting to me. As accountants ourselves, out work turnover is 1 week for sole traders and individuals and upto 3 weeks for companies. 6 months is ludicrous. You need to know what tax position you are in so you can budget for it upto the final extension...

Just to reword a little from the previous post/example - you get a 50k deduction, not a 50k refund.

Hi, Investments in commercial properties require to be registered for GST, as GST received on your rent needs to be reported to the ATO (and expenses of course) You may wish to check that your contract includes GST. I believe you need to be registered for GST at the time of exchange, as...

In practice, an average of 3/4 written quotes from licensed real estate agents, on their letterheads, is usually taken as market value (usually free as they want your business). Or you can get a professional valuation done (usually about $150-$300 to do). In terms of renting below market...

Rent is to be declared when it is physically received by you. Insurance prepayments can be deducted in full if they relate to the following 12 months only. If you've prepaid more than a years worth - a proportion needs to be done. Fletcher Tax Accountants

In practice - most accountants suggest 6 months occupation within your PPOR. (same as per the FHOG) Fletcher Tax Accountants