We thank you for your support and trust in the past years. When the new 2018 tax return season is approaching, we assure you that we are ready here to be of service to you with our experienced, updated knowledge and skills.
What is new for 2018 tax returns?
For residential property investors:
- If a 2nd hand residential property was purchased after 9th May 2017, no depreciation claim is allowed any more. However building cost write-off (2.5%) is still available;
- Rental property investors cannot claim “travel expenses” any more. Such expenses cannot be claimed against “capital gain” either – i.e. It becomes a “black hole” expense.
Removal Super Contribution “10% test”:
- Everyone can do personal deductible contribution into his/ her super fund, as long as the annual total is under the concessional cap of $25,000.
- If you are to claim the above, please make sure you present the letter issued from your super fund company, proving that you elected claim tax deduction.
$300,000 non conseccional super contribution for downsizers over 65
- If you are over 65 and sell your property, for which you have held for at least 10 years, you can contribute $300,000 into your super fund without restricted by other caps.
For more information please go to: www.ato.gov.au or call our office.
2018 The individual tax rates for residents remain the same:
| Taxable income | Tax on this income |
| $0 – $18,200 | Nil |
| $18,201 – $37,000 | 19 c for each $1 over $18,200 |
| $37,001 – $87,000 | $3,572 + 32.5c for each $1 over $37,000 |
| $87,001- $180,000 | $19,822 + 37c for each $1 over $87,000 |
| $180,001 + | $54,232 + 45c for each $1 over $180,000 |
Tax Saving Tips Before 30th June 2018
Individuals
- Income protection insurance premium is tax deductible
- Make sure you don’t waste your super contribution cap $25,000
- Collect all receipts and have a proper diary record for your work related expenses claims
Property Investors
- You can pay the next 12 months interest on loan and claim deduction
- Depreciation report may help you to reduce tax payable if you meet the conditions
Small Businesses
- Pay for next 12 month expenses and claim deduction, such as insurance premium, rent, interest on loan, etc.
- $20,000 one-off deduction for single equipment
Self Managed Super Fund – many new rules effective from 1 July 2017
- Pension cap $1.6 million tax free
- Transitional retirement plan 15% tax payable
- Concessional contribution cap $25,000
- Non concessional contribution cap $100,000 (3 years bring forward on conditions)
ATO AUDIT TARGETS:
- Work related expenses – e.g. Meal allowance, travel expenses, etc.
- Business cash economy – e.g. Café, restaurant, building, cleaning industry
- Data matching: Lifestyle vs. Income
- And more…
Our Business Hours for Tax Return Season (14th July – 31st Oct 2018)
Please call to make an appointment
Address: 23A Oscar St, Chatswood NSW 2067
Tel: 02 9410 3661
Lily mobile: 0407 017 708
Emma mobile: 0402 875 574
Email: success_acc@hotmail.com
| Monday | 10am – 5.30pm | Emma & Lily |
| Tuesday | 10am – 5.30pm | Lily |
| Wednesday | 10am – 5.30pm | Lily |
| Thursday | closed | closed |
| Friday | 10am – 5.30pm | Emma |
| Saturday | 10.30am – 3.30pm | Lily & Emma |
| Sunday | closed | closed |
***If you go to Parramatta, please call Cindy on 9687 0001 to make an appointment.
DID YOU KNOW?
Tax planning may save you hundreds and thousands.
If you fail to plan, you plan to fail.
Talk to us – we will help you with more than just a tax return for you.
Liability is limited by a scheme approved by the Professional Standards Legislation