How can we help you?

We specialize in the taxation and accounting services. If you have any enquiries in relation to your taxation and accounting matters, we can help you to manage and solve these issues.

Some tax tips that we provide to our clients are as below:

I own a rental property for negative gearing purposes, how do I claim depreciation expenses in my tax return?

Most new buildings will have a new record of fixtures and fittings installed. This record should consist of the date of purchase or installation as well as the cost of the item. From these details it is simple to work out the useful life of each item and therefore a value for depreciation. A Quantity Surveyor's report is recommended.

If the building is old and a schedule of fixtures and fittings is unavailable, our Locumsgroup Accounting Division can refer you to a reputable firm of Quantity Surveyors. A new schedule can then be prepared

I am considering getting a second job. How will this affect my tax situation?

The tax free threshold is only applicable to your primary job. When you fill out the Employment Declaration for your second job, make sure you choose not to receive the tax free threshold as this would result in a duplication of the $6,000 income threshold and insufficient tax would be deducted by your second employer to cover your commitments.

A member of my family has a HECS debt. How much income can they earn before they have to start paying it back?

For the 2007 financial year the maximum amount of income the family member can earn before they start paying back your debt is $38,149 per annum.

I have Private Health Insurance why do I have to pay the Medicare levy?

The Medicare Levy is compulsory to all Australians who are not low income earners. The levy is calculated as 1.5% of taxable income. If you have appropriate Private Health Insurance cover you will be exempt from paying the Medicare Levy Surcharge. The surcharge is an additional 1% of taxable income if you earn over $50,000 and do not have Private Health Cover.

Even though your employer remits the Medicare Levy to the Government along with your income tax payments, the payment will still be shown as a separate item in your tax refund calculation.

What records do I need have to claim a tax deduction?

You will need written evidence for tax deductions if the total of all your claims exceeds $300. Written evidence can be in the form of a document from the supplier of the good or service, your PAYG payment summary, or when written evidence is not available, evidence you have recorded yourself such as in a diary, computer spreadsheet, etc.

How long should I keep records for my tax deductions?

You should retain your records of previous Income Tax Returns for a period of five years as The Australian Taxation Office may audit your tax return after it has been lodged. You may need to show evidence of expenses incurred and explain how you calculated your expenses and show how they relate to earning an income.