News/Blog
Stay up to date with all our latest news, guidance and regulatory information here. We like to focus on the practical implications of changes to tax, insurance and financial planning legislation as well as offering insights on topical issues relevant to our clients.
LATEST ARTICLES
Introducing our new Mortgage and Finance Division
Taxpro has launched its Mortgage and Finance division, with specialist in-house broker Reece Sacino. Reece is our lead mortgage and finance broker, based at our head office in Balcatta. He has worked with some of the top brokers in WA and in doing so has gained an exceptional level of knowledge. We offer impartial advice and don’t favour one lender over another so you know you are getting the best deal for your specific needs. We are currently offering a wide range of mortgage and finance requirements including: Home loans / mortgage Business and commercial finance Equipment finance Car finance Personal loans This expansion into the mortgage and finance sector is a natural step for Taxpro Australia, which already has well-established services including tax and accounting, insurance, and financial planning. We have made the move in response to increasing demand from our tax and accounting clients who often ask us for referrals to local mortgage and loan brokers. We understand that getting a loan is probably one of the most important financial decisions you can make and selecting the right lender is crucial in planning your future. Now, we [...]
Online shoppers to pay more for overseas goods
Online shoppers beware because the cost of goods delivered from overseas is likely to go up by 10 percent! From today, international businesses now need to account for GST. Online juggernaut Amazon is now blocking Australians from buying on its international sites - limiting local customers to its smaller Australian website. A 10 per cent tax will apply to all overseas purchases as of July 1, 2018. Previously, GST had only been charged on overseas products worth more than $1000. Last year, the Federal Government passed new legislation that extends the tax to all imported goods, regardless of the price. A 2018 report by Australia Post revealed that Australians spent more than $21 billion on online purchases last year, which was a 19 percent increase on the previous year. By 2020 they predict one in 10 purchases will be made online. With fashion, beauty, homewares and books being the biggest drawcards, delivery figures show residents in Liverpool, Campbelltown and Gosford are proving to be some of the biggest consumers online. Australia’s retail sector is worth more than $300 billion and online sales make up [...]
Increased debt and repayments – HECS reform means students will have to pay a heavier tax
Background On 1 May 2017, the Education Minister announced a suite of reforms for the higher education sector, introducing a range of measures including an increase in student course fee contribution and changes to the minimum repayment threshold. These changes will not impact all students in the same way, as they are dependent on course choice and study duration. Indeed, the field of study or "Band" a certain course is categorised under determines the HECS contribution that a student will need to make. Band 1 courses include Behavioral Science, Clinical Psychology, Education, Foreign Languages, the Humanities, Social Studies, and Visual and Performing Arts. Band 2 courses include Agriculture, Allied Health, the Built Environment, Computing, Engineering, Mathematics, Science, Surveying, and Statistics. Band 3 courses include Accounting, Administration, Commerce, Dentistry, Economics, Law, Medicine, Nursing, Veterinary Science, and Visual and Performing Arts. Current student contributions and, as a result, total graduation debt, depends on the Band category: $6349 for Band 1, $9050 for Band 2 and $10596 for Band 3. (see http://studyassist.gov.au/sites/studyassist/helppayingmyfees/csps/pages/student-contribution-amounts). BUDGET 2017 CHANGES The government proposes an increase to the student contribution to the [...]
Claiming deductions for personal super contributions
You may be able to claim a tax deduction for personal contributions you make to your superannuation (super). This includes people who get their income from: salary and wages a personal business (for example, people who are self-employed contractors, or freelancers) investments (including interest, dividends, rent and capital gains) government pensions or allowances super partnership or trust distributions a foreign source. The contributions that you claim as a deduction will count towards your concessional contributions cap. When deciding whether to claim a deduction for super contributions, you should consider the super impacts that may arise from this, including whether: you will exceed your contribution caps Division 293 tax applies to you you wish to split your contributions with your spouse it will affect your super co-contribution eligibility. If you exceed your cap, you will have to pay extra tax and any excess concessional contributions will count towards your non-concessional contributions cap. Find out about: Are you eligible to claim a deduction? How to make a claim When to give your notice of intent Splitting amounts to your spouse The effects of claiming a deduction [...]
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