Do I have to pay my HECS debt?

One of the most common financial regrets clients have is their HECS debt. That $30,000 debt seems like it will never get any smaller. The biggest regrets come from people who wish they’d never enrolled in the course in the first place. Maybe you did the first year of a degree before switching course, or … Read more

Company directors: don’t make this crucial tax mistake

Most of us have experience being a company employee.  And many Australians have experience as a company owner in a small way.  If you’re a shareholder in a widely held company like Telstra or perhaps a major bank then technically you’re a part owner of the company. Being an employee and being an owner are … Read more

The 457 health insurance trap

We refer to visas and the current rules for temporary migrants, but we emphasise that we are not government officials or migration agents, and you should confirm the details of this article with the relevant authority before cancelling or changing insurance. The author owns shares in a health insurer. Health insurance rules for 457 visa … Read more

ATO email scams

ATO email scams &#45 How to stay safe Spam email is a fact of life, and there are many financial scams around. But it seems that ATO scams are on the increase. I’ve received scam emails myself, and I’ve been getting more questions from clients about ATO email fraud.   Is the email from the … Read more

ATO not laughing at LAFHA

The government is pushing for major changes to the Living Away From Home Allowance (LAFHA) which will wipe out many of the tax benefits for temporary residents from 1 July 2012. Tip: if you want skip the background information and go straight to the new rules, scroll down to the fourth heading. What is Living … Read more

Four cures for BAS stress

As the deadine approaches for the latest quarterly business activity statement (BAS) there will be many business owners starting to stress. The quarterly chore of lodging a BAS holds as much anticipation as an appointment with the dentist. Where are those receipts I was keeping? Can I claim GST on that? How much am I … Read more

Useful Links

Here are some helpful tax and business resources elsewhere on the web. Taxpayers Australia is a not-for-profit organisation whose aim is to provide individuals, small and medium sized businesses and taxation practitioners with up-to-date, informative and understandable information about taxation – to ensure that we pay the right amount of tax, and not a … Read more

June 30 is coming

Unless you don’t have a TV or a radio you would know that the end of the financial year is nearly here. There are tax time sales and ads for health insurance everywhere. Most of these are sales gimmicks and nothing to do with your financial position. But there are some things you can do … Read more

Rental Properties – Tips for managing capital gains

1. Include all the elements of the cost base A capital gain is the difference between the capital proceeds (sale price) and the cost base (purchase price plus capital costs). Basically, the higher your cost base, the lower your capital gain. So make sure you include all the elements of the cost base, including: Purchase … Read more