Another tax year has come and gone and the team at Roy A McDonald Pty Ltd have put together some checklists to assist you in collating your tax information. Individual Taxpayers Checklist Rental Property Checklist Work Related Expenses Checklist Capital…
There are steps involved if you change your business structure. For example, when you: Change the composition of your business partnership because your previous partner has retired or passed away or a new partner is admitted. Change your entity type…
When lodging your 2023 tax return you may notice that your tax outcome may be different than in previous years. Your refund may be lower or you may receive a tax bill. Your tax return outcome may change for any…
Once upon a time we used to have to wait until a wealthy relative passed away before we received an inheritance. What many people don’t understand is there is more than one way to transition wealth to the next generations…
When planning to pass your assets onto your descendants, there are many things to consider. One of the most common questions people ask is: How do we protect our wealth so it ends up where we want it to go?…
Depending on what you do with your holiday home there can be deductions and tax implications. Holiday home – not rented out If you own a holiday home and don’t rent it out, you don’t include anything in your tax…
There is no doubt the cost of living has increased to a point whereby most of us need to be aware of our finances. Simply logging on to your banking app and knowing the approximate value of any investments has…
For the 2022-23 income year onward there are changes to the record keeping requirements and calculating working from home deductions. There are 2 methods to calculate working from home deductions: Revised fixed rate method Actual cost method The revised fixed…
By growing your superannuation you can take steps to make a positive difference to your lifestyle in retirement. If you are, or have been employed, you should make the most of employer’s contributions by: Checking that your employer’s super guarantee…
It is important to remember that whenever claiming business expenses in your tax return as a deduction, you must have the records to substantiate your claims. There must also be records as to how you worked out the business use…