We sincerely hope that you all have been well. And we thank you for your support and trust in the past years. When the new 2019 tax return season is approaching, we assure you that we are ready here to be of service to you with our experience, updated knowledge and skills.
NEW 2019Individual tax rates for residents
*the below rates do not include 2% Medicare levy
|Taxable income||Tax on this income|
|$0 – $18,200||Nil|
|$18,201 – $37,000||19 c for each $1 over $18,200|
|$37,001 – $90,000||$3,572 + 32.5c for each $1 over $37,000|
|$90,001- $180,000||$20,797 + 37c for each $1 over $87,000|
|$180,001 +||$54,232 + 45c for each $1 over $180,000|
What is new for 2019 tax returns?
For residential property investors:
- From 9thMay 2017, second hand investment properties cannot claim depreciation. However building cost write-off (2.5%) is still available. It does not affect brand new investment properties.
- Rental property investors cannot claim “travel expenses” anymore. 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 under the annual 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 to claim tax deduction.
$300,000 non-concessional 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.
Tax Saving Tips Before 30th June 2019
- Income protection insurance premium is tax deductible;
- Don’t waste your concessional super contribution cap $25,000;
- Collect all receipts and have a proper diary record for your work related expenses
- You can pay the next 12 months interest on loan and claim deduction
- Depreciation report from quantity surveyors may help you to reduce tax payable if you meet the conditions
- 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. If an equipment was purchased after 2ndApril 2019, one-off deduction is up to $35,000.
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. detailed record keeping and documents will be required.
- Business cash economy – e.g. Café, restaurant, building, cleaning industry.
- Data matching: Lifestyle vs. Income.
- Company after tax profit should remain in the company account, if used by private, it is deemed to be taxed at personal rate
- SMSF related party transactions.
- And more…
Our Business Hours for Tax Return Season (8th July – 31st Oct 2019)
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
|Monday||10am – 5.30pm||Emma & Lily|
|Tuesday||10am – 5.30pm||Lily & Emma|
|Wednesday||10am – 5.30pm||Lily & Emma|
|Friday||10am – 5.30pm||Emma|
|Saturday||10.30am – 3.30pm||Lily & Emma|
We look forward to seeing you all again soon.
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.
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