by Swot Accoountants | Oct 20, 2019 | Capital Gains Tax (CGT), Tax & Compliance
If you sell a capital asset, like vacant land, property, shares or cryptocurrency, you make a capital gain or a capital loss. Capital gains and losses must be declared in your income tax return and tax must be paid on your capital gains. CGT is part of your overall...
by Swot Accoountants | Sep 30, 2019 | Tax & Compliance
There are many misconceptions about allowable tax deductions, that can lead unaware taxpayers to make incorrect claims, and get the attention of the “tax office”. Here are some common examples: Fiction: Everyone can claim automatically $150 for laundry and clothing,...
by Swot Accoountants | Aug 31, 2019 | Super, Tax & Compliance
If your combined income and super contribution exceed the Division 293 threshold, you pay additional tax on the super contribution which reduces the tax concession. The additional 15% tax is payable on either the amount of the super contribution or the amount that is...
by Swot Accoountants | Jul 31, 2019 | Super
If you have insurance through super, it usually covers you for death, disability and sometimes income protection. But, if your super account is not used for a while, your insurance may be automatically cancelled, regardless of your age. This means, if you haven’t...
by Swot Accoountants | Jul 5, 2019 | Tax Offset
The much talked about increase in the tax offset from $530 to $1,080 has passed through the Senate on Thursday the 4 July 2019. From the 2018-2019 tax year the Government has increased the low and middle income tax offset from a maximum of $530 to $1,080 and from the...
