Why you should consider a depreciation schedule for your rental property
Why you should consider a depreciation schedule for your rental property. A depreciation schedule for rental property is essential for property investors aiming to maximise tax benefits and improve cash flow. By claiming property depreciation, you can reduce your...
How can you access your super early
How can you access your super early?. An early access to super is only possible in very limited circumstances, and it’s important to understand the eligibility criteria and potential consequences before making a decision. Depending on your situation, early access to...
Do you pay tax on inheritance in Australia
Do you pay tax on inheritance in Australia?. In Australia, there are no inheritance taxes or estate taxes imposed by the federal or state governments. Beneficiaries aren't required to pay tax on the value of assets inherited under a will, so there is no direct tax on...
Is income protection insurance tax deductible in Australia
Is income protection insurance tax deductible in Australia?. Income protection insurance premiums are generally tax-deductible, which can help reduce your taxable income. However, the deductibility depends on the terms of your specific policy, and payments you receive...
How to lower small business CGT concessions when selling an active business asset
How to lower small business CGT concessions when selling an active business asset. If you plan to sell your small business, it’s essential to understand the small business CGT concessions available to you. These concessions can help reduce, defer, or even eliminate...
How can I use my super to buy a house? Guide for first-time home buyers
How can I use my super to buy a house? Guide for first-time home buyers. If you're a first-time home buyer, you may be wondering if you can use your superannuation to help you buy a house. While withdrawing your super early for a home purchase is generally not...
Finding and reclaiming lost super in Australia
Finding and reclaiming lost super in Australia. If you've lost track of your super due to moving house, changing jobs, or simply managing more than one account, it’s possible that some of your super is unclaimed or lost. Keeping an active super account is important to...
What car buyers and businesses need to know about Luxury Car Tax
What car buyers and businesses need to know about Luxury Car Tax. For car buyers, business owners, or those buying imported luxury cars, understanding the Luxury Car Tax (LCT) is crucial. The tax applies to vehicles exceeding the luxury car tax threshold, impacting...
Why you should provide your TFN to avoid unnecessary tax
Why you should provide your TFN to avoid unnecessary tax. Providing your Tax File Number (TFN) is important to avoid paying higher taxes in Australia. If you don’t supply your TFN to employers, financial institutions, or superannuation funds, they are required to...