Mastin Harris Accountants | Uncategorised
Mastin Harris Accountants do more for you, professional accounting support that helps you grow your wealth and reduce your tax.
Mastin Harris, accountants, accounting, wealth, growth, tax return, self managed superannuation, BAS, ATO, budget, FBT
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Tax Hints &Tips – Excess Superannuation Contributions

The cap for claiming superannuation contributions is currently $25,000 per year. Should you go over this cap through either salary packaging more or simply your employer contributing too much super, this excess amount is now assessed back against your personal income and the additional tax from this is required to be paid. You are able to elect to have this money refunded back to you from your fund to enable you to pay this tax bill or pay the funds yourself. Talk to our office if you’ve received one of these notices and not sure of what is your next step with it.

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Tax Hints & Tips – What Exactly Is Negative Gearing?

Negative gearing is where you can use the losses from owning an investment property to offset your income. These losses, after deducting all of the interest, depreciation and other rental costs reduce your taxable income, creating a refund in your tax return. You can then use these refunds to either offset the out of pocket costs on the property or help pay down your own personal mortgage quicker.

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Tax Hints & Tips – Cashflow Forecasts and Budgets

For a small business, cash is king. If you don’t have it, you can’t pay staff, suppliers or the ATO. Knowing when you have these payments to make along with when you will be receiving the cash to make these payments is essential for all business. Preparing a cashflow forecast can not only show you where your cash is going but also show you if you really can afford to buy that new machinery or put on a new staff member. Speak to our office if need to help in preparing these.

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Tax Hints & Tips – Insuring Your Biggest Asset

When asking most clients what their biggest asset is, they will say their house. It is actually you! Earning $50,000 a year for the next 20 years is $1 million, obviously having greater levels of income or longer to work will make this figure even higher. Funnily enough, stats show that more people in Australia insure their pets than they do themselves! Income protection insures you for a possible loss of this income. Speak to our office today to make sure you are covered today.

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Tax Hints & Tips – What Is Depreciation

In simple terms, assets that cost more than $300 are deemed by the ATO to have an effective life of more than 1 year. Therefore, the ATO writes off the value of these over its deemed life. This is why that $1,500 laptop that you purchased for work will not be written off in the first year that you buy it, instead it will be written off over the next few years.

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Tax Hints & Tips – Have A Defined Financial Goal

Saying that you want to pay off your home loan earlier is a goal but will it work? Probably not. Why not? There is no set time-frame and therefore no real idea of how you will get there. Saying I want to pay off my home loan in 10 years is a specific goal that you can then work directly towards. It will make you budget, give you a time-frame and hopefully then keep you accountable to this.

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