IN8 Business Advisory

02/09/2022

Do You Own A Queensland Property?
Unless it is the home you live in, you had better read this blog to prepare you for the land tax notice you are very likely to get next June. By then it will be too late.

https://bantacs.com.au/Jblog/queenslands-land-tax-grab-explained/

02/09/2022

Download PDF Home Deposits – Made Simple Two Years @ $200 Per Week and No LMI Combine the First Home Guarantee with the Super Saver Scheme to buy a home with nearly one third of your deposit being tax savings. If you have a child the government will provide you with mortgage insurance at no ...

02/09/2022

Yes, and also when buying your own home, and there’s an existing tenant with a lease, don’t allow an official extension, otherwise you could be up for extra stamp duty in Qld

Vacant Possession
A must have clause in any real estate contract for a home you intend covering with your main residence exemption.
To qualify for the main residence exemption from the start of ownership of a property, you must move into the property as soon as possible after settlement or renovation. The important thing is that no one else can live there in the interim.
If you don't then there will always be a sleeping CGT liability on the property and you will need to keep records for the whole period of ownership. The ATO will know, they are very good at data matching this stuff, so no slipping under the radar.
So it is important your contract states vacant possession so you can't be forced to settle with squatting tenants.

04/08/2022

If you’ve bought a new property since 1 July 2021, make sure you have a depreciation report in order to maximise tax deductions.

Make sure you have a depreciation report to can maximise your tax deductions.

02/08/2022

Make sure you have your MV logbook to avoid paying too much tax in 2023!

MV Reimbursement Rate is increased from $0.72 per km in 2022, to $0.78 per km in the 2023 tax year.

24/03/2022

Now that the price of petrol has hit new highs all over Australia, you might consider getting an Electric Vehicle. Apart from saving up, the government also offers various incentives to EV purchasers!

As part of the Zero Emission Vehicle Strategy, each state and territory government in Australia has various incentives to offer electric vehicle purchasers

23/03/2022

If you wish to avail of this grant, you have until 5 September 2022 to file an application.

Small businesses directly impacted by the recent South East Queensland Rainfall and Flooding may now apply for Extraordinary Disaster Assistance Recovery Grant.

09/03/2022

No, we’re not talking about a tasty baking treat with chocolate and coconut. The low-middle-income tax offset (LMITO) or what is commonly known as Lamington is a tax cut of up to $1080 for low and middle-income taxpayers.

The threat of inflation, the government might put an end to it. This will mean a higher tax rate for people earning under $126,000 per year.

09/03/2022

The end of the FBT year is fast approaching. This is a reminder to keep a record of your work-related km for 13 weeks to try to maximise your tax claim for your car.

A reminder that if you travel in your own car for work purposes, record your work-related km for 13 weeks to try to maximise your tax claim for your car.

09/03/2022

There are so many possibilities that the CBA is looking at because of inflation. They may be right; they may be wrong. Even so, make sure that you can still meet mortgage payments even if the rates rise to 5% or 6%.

CBA says interest rates will rise around June 2022. In addition, there is a possibility that the RBA cash rate will be 1.25 per cent by next year.

22/11/2021

Xero will change their software so that more detail of employees pays shows on your annual income statement (payment summary/group certificate), and will be reported each pay period. This should certainly help with tax returns, as currently we may see an allowance, but it doesn’t usually show what the allowance is for.

Xero has advised that for its users, the ATO has granted a delayed start date for Single Touch Payroll Phase 2, until 1 January 2023, an extension of one year.

19/11/2021

ABN holders are advised to keep their business active, even if you are only reporting Nil results in your tax return business schedule, or by submitting Nil BASs if applicable. If the ATO cannot find any business activity in your tax return or in other lodgments or third-party information, your ABN could be selected for the ATO’s cancellation program.

If you want your ABN to remain current, ABN holders are advised to keep their business active, even if you are only reporting Nil results.