Property related taxes have remained the largest source of revenue for state and local governments and despite weaker market conditions over the 2011/12 financial year, property related taxes rose to new highs.
No one I know likes to pay more tax than they have to. I know many property investors who begrudge their property taxes and I’ve heard of some pretty “interesting” tax dodges, but would you really divorce just to avoid paying tax?
Obviously some people would.. [Read more...]
Amid increasing pressure on trustees of self-managed super funds (SMSFs) to keep pace with the steady stream of quiet pronouncements from the ATO, we turn the spotlight on some overlooked SMSF guidelines in need of urgent reform in 2013. [Read more...]
Treasurer Wayne Swan has a tough road ahead. With Labor promising to deliver a balanced budget, he must find more tax revenue and fast.
Historically, when the federal government is in this type of predicament, they look for a way to rob Peter, pay Paul and attempt popularity damage control by targeting money making tax reform to small groups of tax payers – generally the wealthier ones.
So it comes as no surprise that many political commentators are suggesting the two areas on their hit list will soon be property investment portfolios and self managed super funds. [Read more...]
Knowing what tax deductions you’re entitled to claim is key to maximising your return on investment – but that’s only half the battle…
We have all heard the old saying about death and taxes being the only two certainties in life. This may not be the case when you take superannuation into account but that is for another article. Having said that, you should claim all legitimate property deductions, so as to maximise the return on your investment. [Read more...]
It’s winter, and most of us are not at maximum enthusiasm. On top of this it’s tax season. To make matters worse you have received a letter from the ATO advising they will be conducting an audit of your tax affairs.
For many this is a daunting task and dare I say it; even a visit to the dentist is looking better. With an increasing number of ATO audits it is imperative that as a property investor we prepare ourselves for an easy passage that can be achieved by following a few simple steps. [Read more...]