by Chris Norris | Mar 15, 2024 | Tax
Your provisional tax equals your previous year’s residual income tax plus 5%. However, provisional tax paid in the past may not reflect how your business has performed over the current financial year. Your final income for this financial year will determine whether...
by Chris Norris | Mar 15, 2024 | Tax
As of 10 March, the coalition government has confirmed the return of interest deductibility for property investors, with the phased-in changes taking effect from the next financial year. As a result, legislation is expected to be passed allowing you to deduct 80% of...
by Chris Norris | Mar 15, 2024 | Tax
Running a business is a demanding job, so it’s no wonder owners lose track of crucial things at tax time, such as: Deducting entertainment expenses Dinner and lunch meetings with clients and customers are partially tax deductible. Keep your receipts and check in with...
by Chris Norris | Mar 15, 2024 | Tax
Remember to provide all the relevant documents we will need to put together your financial statements for the year. Have you got these ready? Information on shares/investments Details on mixed-use holiday home income Up-to-date vehicle logbooks Information on...
by Chris Norris | Mar 15, 2024 | Tax
1. Contracts Have you invoiced retentions that don’t need to be paid until next year? If they are payable this tax year, they will be classed as taxable income for 2023-24. Unsure? Talk to us as your tax adviser. 2. Employee expenses and holiday pay Holiday pay,...
by Chris Norris | Dec 10, 2021 | Rule Changes, Tax
New legislation details regarding the government’s plan to limit and phase out property investors’ interest deductions also reveal other impacts to property investors. The move to phase out interest as a taxable deduction aims to make rental property a less attractive...
