partners for life
Taxation
How working holiday makers are taxed in Australia
July 10th, 2017If you are planning on becoming a working holiday maker (WHM) in Australia, you need to be aware of how your income is taxed. If you are a working holiday visa holder (subclass 417 and 462) tax is withheld from your pay and you are required to lodge a tax return each year with theread more
Changes to foreign resident capital gains tax withholding regime (FRCGW)
July 7th, 2017Last year, the government introduced new withholding rules for certain property sales. The purpose of the withholding regime is to assist in the collection of capital gains tax (CGT) liabilities of non-residents when they dispose of Australian assets. The May 2017 Federal Budget announced changes extending the FRCGW regime, effective 1 July 2017. The FRCGWread more
ATO reminds rental property owners on claiming tax
July 5th, 2017The Australian Taxation Office (ATO) has issued a timely reminder that it is keeping a close eye on deductions claimed by rental property owners, especially those with properties located in popular holiday destinations. Last year the ATO identified a significant number of errors relating to deductions claimed for rental properties located in holiday regions. Theread more
Tax Deductions for Investment Properties
June 15th, 2017Several deductions are available to property investors to minimise the tax being paid. Unfortunately, there are areas relating to tax deductions that are unclear to some individuals, resulting in opportunities being missed to get the most out of their investments. To help identify what you can legitimately claim, below is a list of common taxread more
2017/2018 Federal Budget
May 10th, 2017Last 9 May 2017, Federal Treasurer, Mr Scott Morrison, handed down the 2017/2018 Federal Budget. Whilst housing affordability is the budget’s centrepiece, there are significant measures affecting both individual taxpayers and businesses. McKinley Plowman is pleased to present the MP+ 2017/2018 Budget Update. This update provides insight on the proposed tax and superannuation changes whichread more
Tax planning tips for salary or wage earners and investors
May 3rd, 2017While there are plenty of possibilities for businesses to minimise tax, what can everyone else do to save tax? We recommend that you meet one on one with your MP+ accountant and discuss the opportunities available to your specific circumstances. By legally minimising your tax, the money saved could assist in reducing your home loan,read more
Tax planning tips for businesses
May 3rd, 2017We recently sent our business clients information about our popular tax planning service. Click here for the details. If our tax planning service interests you, please contact us now as time is running out. To assist you further we’ve outlined various strategies to minimise your tax: Consider the timing of income If possible and ifread more
Tax Cuts for Small Businesses for FY 2016-2017
April 24th, 2017As major drivers of Australia’s economic growth and employers of more than 5 million individuals, small businesses are now set to benefit from measures first announced in the May 2016 Federal Budget. Just recently, parliament finally reached an agreement to reduce the corporate tax rate to 27.5% for companies carrying on a business and with anread more
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