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24Aug2017
Cyber Event – A Digital Fire Waiting to Happen
Most businesses purchase fire insurance because they are aware of just how devastating and disruptive this type of event can be.A cyber attack on your data, however, can be every bit as devastating as a fire and recent statistics are alarming.
Government statistics indicate that a staggering 693,053 businesses have experienced a cybercrime event in recent years. This figure represents 33% of all businesses and 60% of small to medium sized businesses.
Of the reported cyber attacks on business, 40% experienced business disruption, 29% information loss, 29% productivity loss; 25% revenue loss and 4% equipment damage.
The average cost of cyber crime per business was $276,323, of which 53% is on detection and recovery services.
Just as business interruption cover protects against a fire, Cyber Event Protection Cover provides for a reduction in revenue and the associated costs to manage the impact of a Cyber Event.
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04Aug2017
Tax Agent Reputation is Your Safeguard
When we provide advice to clients on their tax claims, it not only protects that individual taxpayer, but, by association, every client in our firm.
In July a Brisbane accountant was in the news for a number of reasons, which included being subjected to professional discipline action and chased by the ATO for a substantial tax bill.
While it would not be appropriate to make any comment about this specific issue, it does highlight just how important it is for tax agent professionals to jealously guard their good reputations.
A good reputation is not only important to the livelihood of each registered tax agent – but by association it can protect their clients from unnecessary attention from the ATO.
Anyone who has been through an ATO audit for things like income, expenses, GST, superannuation guarantee or payroll tax will know just how stressful and time consuming these processes are – even if in the end you have done everything correctly.
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04Aug2017
Client of the Quarter
At Affinitas Accounting we like to share and celebrate our clients success.
Congratulations to Leisa and Andrew from Quarry Plant Solutions & Queensland Sand Blasting on being our ‘Client of the Quarter’.
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14Jul2017
Clock Ticking for Uber Drivers Caught in GST Net
Uber and other ride sharing service drivers have six months to get their tax affairs in order before the ATO takes audit action.
Confusion still surrounds how operators should set up and run their businesses in this relatively new part of the economy.
One-third of drivers involved with ride-sharing services such as Uber are yet to register for GST or to fully declare their income, according to ATO data.
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14Jul2017
Tax and Super – What You Need to Know From July 1, 2017
Each Federal Budget seems to put it’s own stamp on Australia’s superannuation and tax landscape – and the Budget of May 9, 2017 was no exception.It is important to note that none of these changes will affect the outcome of your 2017 tax return, but should be factored into tax planning towards your 2018 tax return and beyond.
Some of the key tax changes announced included:
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21Jun2017
EOFY Time to Focus on Tax
The end of the financial year (now commonly referred to everywhere as EOFY) is approaching,
and it is worth spending some time making sure you are prepared for your 2017 Tax Return.
It also is worthwhile reviewing the rules expected to change from the 1st July 2017.
Tax Hints for Tax Time Preparation
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23May2017
Is your business ripe for restructure?
BUSINESS RESTRUCTURING
Is your business ripe for restructure?
People start their business in a particular tax structure that suits their start up needs. But sometimes business growth plans or changing legislation can result in this original business structure not being the best vehicle to carry the business forward.
If so, there are some circumstances where you can use existing tax laws to restructure into a more appropriate business structure.
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04May2017
Six Pack of Tax Hints for Tradies
Are you a tradie looking to get the most out of your tax return? We’re here to help with this simple six-pack of tax tips.
One tax tip for every cold one you’ll be cracking on Friday arvo.
To get the tax return you deserve this financial year, make sure you’re claiming deductions in each of these areas — within reason.
- Car claims – check whether yours is a vehicle that will be 100% claimable or whether it requires you to complete a log book.
- Claims for second car – you may have a main car for work, but if you use a second car for banking or quoting jobs while leaving your ute and trailer on site, you also may be able to claim some kilometres for this vehicle. Just be careful with steps one and two as the ATO’s on the lookout for fraudulent claims. Give us a call for help.
- Working from home – if you work from home for quoting, planning and other paperwork you may be able to claim a ATO approved rate per hour to cover the cost of power and electricity.
- Extensive use of home – if the use of your home for work extends to a separate office and sheds to store vehicles and equipment then you may be able to more comprehensively claim expenses such as a percentage of rent, rates or house insurance related to the surface area of your dwelling used for business.
- Check your insurances. Some, such as income protection, can be claimable outright. Others, if structured as a superannuation contribution, may also be tax deductible.
- If you bought capital equipment before June 30, you can instantly write it off as a deduction up to $20,000. Read more about the instant asset write-off, which may be continuing into 2019, through that link.
Still not sure? We are. Give us a call on 07 3510 1500, email or reach us on Messenger below.
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02May2017
80 per cent of property owners are missing out!
Any owner of a property that generates an income is eligible to receive significant taxation benefits.
“Research shows that 80 per cent of property investors are failing to maximise the deductions claimed from property depreciation and are therefore missing out on thousands of dollars in their pockets,” said Bradley Beer, the Chief Executive Officer of BMT Tax Depreciation.
80% of property investors are missing out on important deductions.
“Depreciation is often missed because it is a non-cash deduction – the investor does not need to spend money to claim it,” said Mr Beer.
As a building gets older, items wear out – they depreciate. The Australian Taxation Office allows property owners to claim this depreciation as a deduction. Depreciation can be claimed by any property owner who obtains income from their property.
New and old properties have the potential to attract some depreciation benefits for the owner to claim as a tax deduction. The widely spread idea that older properties will attract no claim is largely untrue; it is worth having an expert look into any scenario.
Ensuring that the depreciation claim is maximised on any building requires a combination of construction costing skills and a thorough knowledge of tax legislation. This rare combination of skills has resulted in a limited number of Quantity Surveying firms specialising in property depreciation.
Consult the expertise of a qualified Quantity Surveyor such as BMT Tax Depreciation to maximise depreciation deductions for an investment property.
For more information visit the residential property depreciation page on the BMT Tax Depreciation website, or for obligation free advice you can contact the expert team at BMT on 1300 728 726.
Article provided by BMT Tax Depreciation. Find out more with our top tax tips for first time property investors or 10 tips to help rental property investors save time and money.
Bradley Beer (B. Con. Mgt, AAIQS, MRICS, AVAA) is the Chief Executive Officer of BMT Tax Depreciation. Please contact 1300 728 726 or visit www.bmtqs.com.au for an Australia-wide service.
To talk to the friendly Affinitas team about your property deductions, and join the 20% of satisfied property investors, call 07 3510 1500, email or reach us on Messenger below.
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30Oct2016
Is My Home Tax Deductible?
Potential Home Tax Deductions that you may be missing out on!
People may traditionally consider their home to be their castle – but not necessarily a source of tax deductions. Or is it ?
Is your house also your place of business?
What if your home is also your place of business – like a hairdresser who runs a salon in a separate room under the house? In this case running costs like phone and electricity and potentially a portion of your occupancy costs such as rates, insurance and mortgage interest may be tax deductible.