Tax time 1st july 2015

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Tax and finance checkup time Max Tax Back – our local guarantee to you

ATO increases focus on rental property deductions The ATO will have an increased focus on rental property deductions this tax time and is encouraging rental owners to double-check their claims are correct before lodging their tax return. In particular, the ATO is paying close attention to: excessive deductions claimed for holiday homes, husbands and wives splitting rental income, deductions for jointly owned properties that is not supported, claims for repairs and maintenance shortly after the property was purchased, and interest deductions claimed for the private proportion of loans. While the ATO will be paying closer attention to these issues in 2015, it will also be actively educating rental property owners about what they can and cannot claim. For example, the ATO will be writing to rental property owners in popular holiday locations, reminding them to only claim the deductions they are entitled to, for the periods the property is rented out or is genuinely available for rent. When getting rental property deductions right, there are a few simple rules rental property owners should follow, to avoid making mistakes on their tax return. First, it is important for all property owners to keep accurate records. This helps to ensure they declare the right amount of rental income and they have evidence for claims made. Secondly, rental property owners should only

claim deductions for the periods the property is rented out or is genuinely available for rent. Finally, costs to repair damage, defects or deterioration existing on purchase, or renovation costs, can’t be claimed as an immediate deduction. These costs are deductible over a number of years. For more information there are a range of videos available to help rental property owners correctly claim rental deductions. Checkout ato.gov.au/ General/Property/In-detail/Rental-properties/ Rental-Property-video-series For more information on holiday homes, go to: ato.gov.au/general/property/in-detail/holidayhomes

Accountants & Tax Agents

Servicing Locals Since 2003 Pensioner Discount Available*

• Tax Returns:

• Individuals: Salary & Wage Investment Properties Sole Traders • Partnerships • Trusts • Companies • Superannuation Funds

• Bookkeeping & Tuition • BAS & IAS Preparation and Lodgements

Contributed by Leisa and Michelle, Hinterland Accounting Services Some of our most common questions at tax time include: I own a business – what’s the best way to budget and make the most profit, without a huge tax bill? I’m coming up to my retirement and I’m not sure what I’m entitled to? How much does a basic tax return cost, and how soon would I expect to get it in my account? I’m thinking of an investment property – what hidden costs can I avoid? We can answer these and many more questions, by contacting us on 5439 0188. We prefer to give our clients a personalised service – one size definitely doesn’t fit all – and can save you money. For those with a busy life (and who doesn’t have one!) we also offer Saturday and late appointments as well, to fit around what is easiest for you. And in our new office at 13 Turner Street, Beerwah, we provide access to a finance broker, insurance broker and financial planners. Just one call can assist in countless options and choices whether you are investing, preparing, looking to retire, first home-buyers or business owners … so please choose local and get the best advice possible. How can you afford not to?

MAX TAX

BACK! Make the most of your money

Monday - Friday, 9am - 5.30pm (Late & Saturday appointments available)

*Conditions Apply

Katrina, Bob, Amy and staff look forward to assisting you!

(07) 5494 1133

Shop 9, Landsborough Shopping Village Extended Office Hours (July to Sept): Monday to Friday 8.30am - 6.00pm Ordinary Office Hours: Monday to Friday 9.00am - 5.00pm (after hours by appointment)

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JULY 1 2015

Now at 13 Turner St, Beerwah (Between Vet & Doctors Surgery)

Phone: 5439 0188

admin@hintertax.com.au

www.gcnews.com.au


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