Monday 24 Feb 2020
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Latest Accounting News
Hot Issues
Debate heats up around $10k cash ban bill
There’s still time to move to Single Touch Payroll (STP)
Real Time World Population Growth - Wow!!
ATO audits continue to target Lifestyle assets
Property deduction errors down to ‘lack of understanding’: ATO
Data can be great stuff! - Australia
GST refunds for returned imported goods
14k employers, $230m in super: Financial Services Minister defends proposed SG amnesty
Bushfires 2019–20 (ATO)
Accounting profession responds to bushfire crisis
Helping your business survive a natural disaster - ATO
Single Touch Payroll (STP) – now ensure super is paid on time.
Beware of Australian Taxation Office (ATO) impersonation scams
Australia by the Numbers
‘Visible, valued and owned’: ATO outlines super priorities for new year
Introductory Rates & Interest Free Periods
Our Advent calendar for 2019
Tax Office sounds warning on 8 types of super schemes
Don’t forget sharing economy income
Impress your friends with your knowledge!!
Salary sacrificing and the superannuation guarantee
Why so much super “stuff” this year?
Reverse Mortgage?
How the gig economy could create hidden tax issues for contractors and employers
15,000 tip-offs as ATO black economy hotline rings hot
What happens when interest rates hit the floor?
Director Penalty Notices (DPN)
Articles archive
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
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Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
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Quarter 4 October - December 2013
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Quarter 1 January - March 2013
Quarter 4 October - December 2012
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Quarter 1 January - March 2012
Quarter 4 October - December 2011
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Quarter 1 January - March 2010
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Quarter 3 July - September 2009
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Quarter 3 July - September 2008
Quarter 2 April - June 2008
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Quarter 4 October - December 2005
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Quarter 2 April - June 2005
Quarter 2 April - June 2004
Quarter 1 January - March 2004
Quarter 4 October - December 2003
Quarter 3 July - September 2003
Quarter 4 October - December 2001
Quarter 1 of 2004
Articles
Fringe Benefits Tax and Odometer Readings
Income Tax - Car Expenses
Income Tax ? Car Expenses - Log Book Method.
Income Tax ? Car Expenses - One third of actual Expenses
Income Tax ? Car Expenses - 12% of Cost.
Income Tax ? Car Expenses - Cents per Km method
Property Depreciation Explained.
Reasonable Allowance Limits 2003/04
Tax Deduction for Life Insurance?
Real Estate & Self Managed Superannuation Funds
Employee Safety Net
Tax Audit Activity ? Motor Vehicle Expenses
Depreciation Adds Value
FBT and Entertainment
FBT and In-house Benefits
FBT and Laptop/Portable Computers
FBT and Record Keeping
FBT and Gifts to Clients
FBT ? Christmas Parties and Taxi Fares
Christmas Parties ? FBT & Income Tax
FBT and Minor Benefits
Property Depreciation Explained.
Any property that is rented or used for income producing purposes is eligible to be depreciated.

The benefit of this is that a portion of the capital that has probably maintained its value can be claimed as an income tax deduction.

How do we determine the amount that can be claimed?

The contract of purchase of the property might include the necessary details, but since stamp duty became payable on chattels several years ago, few contracts bother with these details now.  Even if they do, they may not be accurate.  The best solution is to engage a professional within the construction industry who has the relevant qualifications to estimate the cost of building components and meet the experience criteria of the Australian Taxation Office.  We can help provide a number of experts capable of providing the necessary reports.  A fee of $350 for a small property to $650 for a commercial building is probably a starting point.

A typical townhouse (in Sydney) of $300,000 is likely to have depreciation deduction of $25,000 over years one to five according to one quantity surveyor.  As an aside, he also says that it could be 10% to 35% more expensive to build in Melbourne.  (Remember the land in Sydney will probably cost significantly more than Melbourne, etc).

If you do have an income producing building, then the quantity surveyors fee will be well worth the cost.









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