Top 5 Tax Deductions for 2017

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  Top 5 Tax Deductions for 2017 1. Work Related Car Expenses   This section is hefty and one of the most widely used deductions given so many Australians use their car for work purposes! However, an important exclusion is the use of your own vehicle from home to work and vice versa – this counts as private travel. There … Read More

Write if off while you still can!!!

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By the end of the 2016 financial year, there was a record of 2,066,806 active small businesses in Australia nationwide. Now what if I told you the majority of these businesses were able to claim a full deduction on their asset purchases. One of the key policies implemented as a result of the 2015 budget was the $20, 000 instant … Read More

DKM’s On The Ledger – Introduction

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Hi everyone, For the next 12 months DKM Accounting will be releasing 12 video podcasts showcasing people from different stages in different industries who we believe will provide great insight into the world of business. We’re calling this series DKM’s ‘ON THE LEDGER’ and we hope you enjoy meeting our guests. If you want to know more about anything that … Read More

Is it a bird? Is it a plane? NO, Its SUPERSTREAM

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Everyone knows what Superannuation or Super is. We all pay it but how many people know a new measure introduced by the Federal Government to make this more ‘super streamed?’ No prizes for guessing it’s called SuperStream. This is really important news to small businesses and their owners across Australia, so keep reading; it might be the most important article … Read More

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