Division 43 vs Division 40. What are they are why are they important?

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Do you want to save on tax? Sure you do, everyone does. Division 40 and Division 43 are new tax rulings so don’t worry if you have never heard of them. Chances are, most people haven’t. Division 40 and 43 are property depreciation deductions. Division 40 Division 40 is concerned with the depreciation of plant and equipment. They are related … Read More

THE BIG ‘CGT’

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Now everyone has at one point this year uttered the word Capital Gains or at least heard of it whether on the news, over a chat of coffee or with client, but what actually is it? A little background, Capital Gains(CGT) is a tax on essentially that; on the increase value from once you brought the asset to when you … Read More

Motor Vehicle Expenses – To Deduct or Not To Deduct?

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Motor Vehicle expenses are not ordinarily deductible especially if you work in one location, such as just at the office. However there are circumstances which will allow you to claim especially if you have two jobs. Following the changes announced in the 2015-2016 Federal Budget, the way in which individuals will now be able to claim deductions for motor vehicle … Read More

Rental Property Depreciation – tax savings you shouldn’t miss out on!

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According to the Australian Taxation Office there were approximately 2.8 million property investors in 2012-2013 income year. A large number of these property investors claimed “Capital Works Deduction” (Div 43) and “Capital Allowance” (Div 40), or more commonly known as Depreciation. However as a Tax Agent I have come across a fair number of property investors who do not claim … Read More