Posted by Sean Limpens on Mar 11, 2010 | Comments Off
With the Reserve Bank recently embarking on a sustained phase of interest rate increases, and with the major banks often exceeding these rate increases, there is no better time than now to check the competitiveness of your home loan.
Depending on the loan amount and product you require, borrowers could still be paying as low as 5.97% for a variable rate home loan. As well as home or investment property...
Posted by Sean Limpens on Mar 8, 2010 | Comments Off
The ATO are currently experiencing lengthy delays in processing tax returns due to a major system upgrade recently undertaken. Please note that any delays you are experiencing are beyond the control of BCV Accounting. The ATO recently provided the following status update:
We have processed around one million income tax returns using our new system, including all stockpiled returns and returns received up...
Posted by Sean Limpens on Mar 8, 2010 | Comments Off
One way in which a property investor can improve their cashflow is by lodging a PAYG variation. A PAYG variation is an application to the ATO requesting that your employer reduce the amount of tax withheld from your regular salary or wage payments, to reflect the expected rental loss from your investment property.
This is effectively a way of reducing the amount of tax you pay each payroll cycle, rather...
Posted by Sean Limpens on Feb 24, 2010 | Comments Off
Do you want to retire with a better future? Transition to Retirement (TTR) applies to individuals who are currently 55 or over.
The TTR rules allow working Australians access to their Superannuation before they retire. This means that you can ease into retirement by reducing your hours and supplementing your income with money from your retirement savings.
In addition, the Retirement rules can also benefit...
Posted by Sean Limpens on Feb 24, 2010 | Comments Off
Generally, taxpayers whose taxable income exceeds around $17,000 (with some exceptions) are charged a Medicare Levy on their tax return equal to 1.5% of their taxable income.
In addition, the Government charges an additional 1% levy (the Medicare Levy Surcharge) on taxpayers who do not have adequate Private Health Insurance (including Hospital Cover), where their income exceeds the specified...
Posted by Sean Limpens on Feb 24, 2010 | Comments Off
PAYG (pay as you go) Instalments is a system for paying instalments towards your expected tax liability on your business and investment income for the current income year. Your actual tax liability is worked out when your annual income tax return is assessed. Your PAYG instalments for the year are credited against your assessment to determine whether you owe more tax or are owed a refund.
If you are...