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There is a lot of information available online, but you must always consider your own circumstances as not all rules and regulations apply to all situations. If you are ever in any doubt, please contact us for advice.
Every rental property owner should read this comprehensive guide. On page 15 there is a handy explanation of when property repair costs will be deductible:
If you are an employer, it is important to understand your superannuation obligations. The compulsory superannuation guarantee is currently 9.5%. Generally, superannuation contributions must be made for staff members who you have paid $450 or more (gross wages) in a month:
If you dread facing your bookkeeping every month, we highly recommend you take a look at Banklink software. It really is very simple and we get great feedback from clients who have previously struggled with other accounting software packages. If you are wondering if Banklink might be suitable to use in your business, give Stuart a call to discuss 0266 721844. You can see a demonstration of Banklink here:
Goods & Services Tax
Everything you ever wanted to know about GST:
Are you an Employee or a Contractor?
This is going to be a real target area in the next few years. Anybody who pays workers should use the ATO decision tool to ensure they have suitable arrangements with workers.
There is a new smart phone app available to help you keep track of work related expenses you have during the year. This is particularly useful for keeping track of your vehicle kilometres. Once you have finished entering your information, you can e-mail it to us via the app. Check out the ATO information here:
ATO app information