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Beyond Accountancy Blog

Australian tax for non-residents

If you have come to Australia to work, or if you have investments in Australia, you need to understand the tax and financial issues that relate to you. Whether you are: working in Australia on a short term assignment with an overseas employer permanently migrating to Australia on a temporary…

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June 30 is coming

Unless you don't have a TV or a radio you would know that the end of the financial year is nearly here. There are tax time sales and ads for health insurance everywhere. Most of these are sales gimmicks and nothing to do with your financial position. But there are…

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Budget 2011 – Individuals & Families

Key budget changes 2011 By Jarrod Rogers CPA, May 2011 Superannuation Super contributions limits for over 50s The government has confirmed that a higher concessional contributions cap will apply to people over 50. Currently the concessional contributions cap is $25,000, but for people over 50 the limit is $50,000. This…

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SMSF & Collectables

New regulations for SMSF investments In May 2011 the government announced proposed changes to the rules for self managed super funds investing in collectables and personal use assets. The new rules are a softer alternative to banning this type of investment altogether, as some stakeholders suggested. The assets mentioned in…

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Budget 2011 – SMSF

Key changes for SMSFs Reduction of 25% in the minimum pension payment amounts for 2011-12 The Government will phase out the pension drawdown relief that has been provided over the last three years. Minimum payment amounts for account-based, allocated and market linked (term allocated) pensions have been reduced by 50%…

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Budget 2011 – Small Business

<h3>Tax write off for purchase of motor vehicles</h3> The Government will allow small businesses to claim up to $5,000 as an immediate deduction for motor vehicles, with effect for vehicles acquired from the 2012-13 income year. This is an additional break on top of the new depreciation rules that are…

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Federal Budget Highlights 2011

(re-posted from May 2011) The tax changes can be found on the government’s budget website at the following two links: 1. “Revenue measures” (i.e. tax increases) 2. “Expense measures” (i.e. tax-related spending programmes) We have picked out a few of the changes I think will most affect people on separate…

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Rental Properties – Tips for managing capital gains

1. Include all the elements of the cost base A capital gain is the difference between the capital proceeds (sale price) and the cost base (purchase price plus capital costs). Basically, the higher your cost base, the lower your capital gain. So make sure you include all the elements of…

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Personal Tax Return Prices

Standard fees from 1 June 2024 Standard return from $220 Employees with deductions and minor investments (<5 dividends). Complex return from $275 The higher rate will apply for the following: Motor vehicle claim using the log book method for the first year of a new car. Capital gains tax -…

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