The ATO’s charges interest for late payment of income tax, fringe benefits tax, goods and services tax, and pay as you go taxes.  The General Interest Charge rates are updated quarterly for the next quarter.  The rates for the current quarters are: Quarter GIC annual rate October – December 2019 […]

The Federal Government has announced the abolition of the Statutory Formula for car fringe benefits. When? The changes apply for all new arrangements contracted after 16 July 2013 and will be effective from 1 April 2014. Existing arrangements remain OK Arrangements contracted before 16 July 2013, and not materially varied […]

In this interview Noel talks to Kaz from Everyday Property Investing about how to maximise your returns at tax time when it comes to property investing. They talk about: What records to keep What you can and cannot claim The difference between repairs and capital expenditure Property related expenses such […]

Unlodged returns The ATO has announced that it’s having a crack-down and is beginning to issue ‘Default Assessment Warning’ letter to taxpayers who have overdue income tax returns.  Where the ATO has evidence that you have received taxable income in a year that you haven’t lodged a return, then you […]

Short answer, “Yes”.  Self Managed Superannuation Funds (SMSF) have the ability to borrow funds on “Limited Recourse Borrowing Arrangements” from financiers.  There is nothing to say that you cannot be the financier. If you have real estate or other assets in your own name, you may be able to use […]