Taxation

All business want to make sure that they claim every possible deduction that they can. But costs must be substantiated to be deducted your assessable income. Substantiation requires you to keep records, and to have access to receipts and tax invoices so you can prove your claim for deductions against your assessable income. It’s a hassle to have to record all the little costs you incur on a day-to-day basis as you go about earning your income. Indeed, things can become really silly if the time taken to record small expenses exceeds the tax benefit of doing so. There is…

You have probably heard the term ‘positive gearing.’ It is a similar concept to negative gearing, which is certainly in the news a lot these days. We use the term ‘gearing’ whenever debt is used to fully or partly finance an investment. If you have $90,000 of your own and borrow $10,000 to buy an investment asset worth $100,000, you have ‘geared’ the investment. Similarly, if you borrow $100,000 to buy an investment worth $100,000, you have ‘geared’ the investment. When you buy an asset, you usually receive some income from the asset. For a property, this income is the…

As financial advisers, we want you to manage all of your financial affairs as effectively as possible. So, we want to explain a simple but powerful concept that makes sure that any donation you give does as much good as possible.