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Handbags for Work May Be Tax Deductable
April 29th, 2016Women will have more reason to shop for a new handbag now that the Australian Tax Office (ATO) confirms that handbags may be claimed on tax, with the provision that the bag is used for work. Following news reports that it is easier for men than women to claim tax deductions for briefcases than handbags,read more
Foreign Resident Capital Gains Tax Withholding
April 21st, 2016The new withholding system that will apply when non-residents dispose of certain taxable Australian property starts from 1 July 2016. In very broad terms, when a non-resident disposes of certain taxable Australian property (e.g., land and building in Australia) the purchaser will generally be required to withhold 10% of the purchase price and pay thisread more
Most Property Investors are Gamblers
April 19th, 2016Most property investors are gamblers. Speculating that the value of a property will rise is like hoping your numbers in the lotto will come. Every week we fork out money for the lotto numbers dreaming that we will become millionaires one day hopefully. For some investors who have a negative cashflow they fork out moneyread more
2016 Tax Planning Starts Now!
April 18th, 2016There are 3 key things that all business owners MUST consider. The team at MP+ will work with you to deliver significant results. Please read on! 30 June is not far away! Let’s try and use all of this time to effectively minimise your tax, review the performance of your business and create greater financial securityread more
Will I get the NEW UK State Pension?
April 18th, 2016The NEW UK State Pension is £155 a week. Your starting amount will be calculated as at 6 April 2016. The new state pension is linked to your National Insurance contributions. The entitlement you may get if you retire after 6th April 2016, will be the higher of what was due to you under theread more
7 Benefits “Outside” FBT Law’s Scope
April 13th, 2016Knowing what types of benefits “outside” the fringe benefit tax (FBT) law is an advantage, especially now that another FBT year has started on 1 April 2016. Listed below are seven specific examples under family arrangements that the ATO deems to be outside FBT Law’s scope, these include: A birthday gift given to a child who isread more
Update: A Brave Girl Makes a Personal Sacrifice for a Great Cause
April 7th, 2016Stacey Teti, the wife of one of our team, has made a giant sacrifice and shaved her hair in her participation of the Leukaemia Foundation's World's Greatest Shave. Chopping off your hair can cause great emotional distraught to many, but Stacey was an absolute trooper when her hair was shaved off; she is now fully embracing her new hair-do. Stacey's 45-cm hairread more
Time Running Out to Start a Log Book
April 5th, 2016From 1 July 2016 individuals are only able to use the cents per kilometre method or log book method for claiming car expense deductions. The ATO has issued a reminder that taxpayers wanting to use the log book method need to ensure that their car usage is recorded for a minimum continuous period of 12 weeks.read more
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