Top 10 tips to help rental property owners avoid common tax mistakes

The following are the ten common mistakes that the ATO have identified with rental property claims: 1. Keeping the right records You must have evidence of your income and expenses so you can claim everything you are entitled to. Capital gains tax may apply when you sell your rental property. So keep records over the […] Read More

Should you buy a holiday house?

A common topic we speak to clients about is about the merits of purchasing your own holiday house.  The start of these conversations are usually based on a recent holiday the clients have been on, where they absolutely love the coastal town they’ve just stayed in but have paid a fortune for holiday accommodation. Client: It […] Read More

Advice for buying or selling property

Are you buying or selling a house, farming land or commercial property? Talk to your accountant now! Recent changes to taxation laws mean that anyone purchasing or selling property may have an obligation to withhold tax, or find that they have tax withheld from their settlement proceeds! The ‘Foreign Resident Capital Gains Withholding’ regime has […] Read More

Buying or Selling a Property in Australia?

The foreign resident capital gains withholding tax rules have been in effect since 1st July 2016. As from this date, Australian residents selling real estate with a market value of more than $2m or more need to apply for a clearance certificate from the Australian Taxation Office (ATO) to ensure the purchaser does not withhold […] Read More

A few “To Do” actions before 30 June 2017

5 weeks to go! Here are a few helpful tips for businesses and individuals to complete prior to the End of Financial Year (EOFY). For Businesses Update tax planning so you are aware of your tax position – so in turn you can take action to minimise tax if required. See your GTP accountant. Great […] Read More

$20,000 Asset Write Off extended to 30th June 2018

The threshold for the special immediate write off for tax purposes for assets costing less than $20,000 net of GST was to be reduced to just $1,000 from 1st July 2017. In the last couple of years, this has been available for all businesses with a turnover of less than $2m. However, this turnover threshold […] Read More

Getting Your House in Order

Our culture at Green Taylor Partners requires us to go beyond completing your tax returns. Our vision includes “being proactive in providing innovative solutions to our clients”. In pursuit of this vision, our traditional tax client interview checklist includes a number of additional questions, totally unrelated to tax. This checklist has been developed over the […] Read More

Assets Test changes to Aged Pension

Changes to the Assets Test for Centrelink Aged Pensions from 1 January 2017 For many, entitlement to the Age Pension is not on the agenda. However as rules change, it is good to revisit the “tests” that determine one’s entitlement.  It may be relevant for you, your parents or someone whom you may know. As we […] Read More

Selling your assets

Selling business assets will generally require considering Capital Gains Tax implications. However even when selling personal non-business assets there may be a need to consider Capital Gains Tax. A capital gains is generally the sales price of the items less the cost of the item. The resulting gain may then be decreased by application of […] Read More

5 Key Strategies to Protect Your Assets

Peter Cramer, Kerry Schultz & I hosted an “Asset Planning” seminar in our offices last week with a full house of over 50 attendees present as well as 12 people listening in via our online webinar. The main topics covered during our session centred around protecting your assets as well as looking at ways to […] Read More