Oracle Partners Accountants & Advisors Bondi Junction, Sydney

Jan 01

Tax tips for property investors

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Accounting & Tax

Property investors can access a wide range of tax deductions and items subject to depreciation for their rental property yet many miss out on unknown tax breaks, foregoing an average of $20,000 a year on a $1 million house. Here are five ways to maximise your tax deductions while complying with the tax office: Use […]
Jan 01

How do franking credits work?

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Accounting & Tax

Franking credits are a kind of tax credit that allows Australian companies to pass on the tax paid at company level to shareholders. Franking credits can reduce the income tax paid on dividends or potentially be received as a tax refund. Where a company distributes fully franked dividends (and those dividends are included in the taxable […]
Jan 01

What is a superannuation contribution?

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Super

Since superannuation contributions come in several forms; SMSF members would be wise to understand what contributions are available and how they might impact them in regards to the contribution limits. The ATO considers a ‘contribution’ as anything of value that increases the capital of a superannuation fund provided by a person whose purpose is to benefit one […]
Jan 01

SMSF alternative to borrowering

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Super

A deferred purchase instalment strategy is one way SMSF’s can add a direct business property to their portfolios. Following changes announced in this year’s Federal Budget, self-managed super fund (SMSF) trustees may need to consider alternative strategies when adding a direct business property to their portfolios. A deferred purchase instalment strategy is also known as […]
Jan 01

Contribution rules for over-65s

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Super

Confusion often exists surrounding the rules that apply to those wishing to make super contributions when they reach the age of 65. Here are five tips to help meet the super contribution rules for those who are 65 years of age or older. Those aged 65 or older must satisfy a work test and be […]
Jan 01

ATO crackdown on work-related expenses

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Accounting & Tax

The ATO is currently targeting work- related expenses by taking a closer look at unusual deductions and claims that are higher than expected. The Tax Office will be looking for expense claims that are much higher than others who are in the same occupation and will be contacting employers to validate these claims. When claiming […]
Jan 01

Splitting super with your spouse

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Super

Since change is an inevitable part of Australia’s superannuation system, taxpayers should always be aware of and on the lookout for super strategies that they can take advantage of. One such strategy, which is not only straightforward but also highly-effective, is splitting superannuation with your spouse. Splitting super with your spouse involves one partner (usually […]
Jan 01

LRBA deadline extended

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Super

The ATO has extended its 30 June 2016 deadline to 31 January 2017 for SMSF trustees to review limited recourse borrowing arrangements (LRBA) for non-arm’s length income. The Tax Office issued the Practical Compliance Guide 2016/5 in April to provide guidance for SMSF trustees to ensure LRBA arrangements are on terms that are consistent with an […]
Jan 01

CGT withholding regime

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Wealth Creation

An introduction of a 10 per cent non- final withholding tax on payments made to foreign residents that dispose of specific taxable Australian property will come into effect from 1 July 2016. The new legislation will impact on any property transaction where the purchase price is more than $2 million. The withholding regime will apply […]
Jan 01

Super boost for business owners

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Wealth Creation

Changes announced in the 2016 Federal Budget grant small business owners the right to use the sale of their business to contribute more to their super than the introduced $500,000 lifetime after-tax contribution cap. As the small business retirement exemption will continue, small business entities can contribute up to $500,000 of sale proceeds into their superannuation in […]