Update On How Holiday Homes Are Treated For Tax Purposes
by Luke Quinnell Owning a holiday home that’s rented part-time and used personally offers flexibility and potential taxation benefits. Rental income can offset ownership costs, and legitimate deductions—such as interest, rates, and maintenance—may apply for income-producing periods. However, the ATO closely scrutinises these arrangements because mixed use often leads to inflated or incorrectly apportioned claims. […]
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Proposed Superannuation Changes: What You Need to Know
by Luke Quinnell Since the election, the government’s proposed changes to superannuation have received heavy coverage in the mainstream media, with many commentators voicing concern. While most people agree that imposing extra tax on super balances over $3 million is reasonable, there are three highly controversial elements: Tax on Unrealised Gains: This means being taxed […]
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Tax Brackets And How They Apply – Including Explanation Of The Federal Budget Tax Cuts
by Ruby Chowdhury One fundamental but often misunderstood concept is tax brackets and how they work. Tax brackets are used for taxes on individuals however it is important to understand how they work when determining how to distribute your income if generated through a trust or company. Leading up to the end of the tax […]
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Tools To Help Your Business Manage Cash Flow
Cash flow, put simply, is the flow of cash and cash equivalents transferred in and out of your business. Cash flow management is getting the timing of the inflows and outflows as close as possible and ensuring your business has enough inflowing cash to cover the outflowing cash. Managing your cash flow over the next […]
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Super Guarantee Payments – How To Stay Out Of The ATO’s Crosshairs
by Luke Quinnell The ATO highlights that they “take a firm approach on the non-payment of super”, and this applies even if you are the only employee of your business! Here’s how to stay out of the ATO’s crosshairs. We have noticed a substantial increase in ATO compliance action around superannuation guarantee payments. With the […]
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Newcastle: Level 1, 56 Hudson Street Hamilton NSW 2303
Singleton: 3/6 Castlereagh Street Singleton NSW 2330
East Gosford: Suite A & B, 78 York Street East Gosford NSW 2250
Postal: PO Box 1050 Hamilton NSW 2303
Newcastle Office (02) 4969 6600
Singleton Office (02) 5542 8165
East Gosford Office (02) 4092 4111
info@lambourne.com.au