The Tax Office is watching your work-related deductions this tax time

The Tax Office keeps an eye on its reported “tax gaps”, which represent the gap between taxes paid, and taxes owed but not paid. Its latest update shows a $1.8 billion gap in corporate Australia, and an $8.7 billion gap among individuals.  The biggest revenue gap is constituted by individuals, and the Tax Office has long […]

MAKE SURE YOU PAY THE CORRECT COMPANY TAX RATE AND APPLY THE CORRECT RATE FOR IMPUTATION

Most companies with an aggregated annual turnover of less than $50 million will pay tax at 27.5 per cent in 2018-19. Nevertheless, some companies with a turnover below $50 million will continue to pay tax at 30 per cent, particularly companies that earn nearly all their income from passive investments such as rental income or […]

Are you planning to own a Home – Part 3 – Impact of your credit history on the home loan

Visit previous post in this series;Are you planning to own a home? – Then read this for key guidelines.Are you planning to own a Home – Part 2  Do you know that your credit history considerably impacts the success of your home loan application? One of the main things the lender is considering is your […]

Are you planning to own a home? – Then read this for key guidelines.

Purchasing a property could be a challenge. You may arrange your finance first or shortlist a property to purchase. You could indeed consider cut down your expenses with the goal of saving your deposit because you know owning a property would be impractical without saving in your hand. Irrespective of your approach, an acquisition of […]

Negative Gearing and CGT Proposal

Labor confirms 1st January 2020 – start date for negative gearing and CGT proposal. Labor has announced that it will implement its plan to restrict negative gearing to new investment properties and halve the capital gains tax discount from 1st January 2020. The date, announced by shadow treasurer Chris Bowen, will limit negative gearing to new housing, […]

What is Single Touch Payroll? How will it affect a small business?

Since 2014, ATO was discussing Single Touch Payroll (STP) and now it has been mandatory for all the employers to adopt STO since July 2019. Change to Single Touch Payroll  With the implementation of STP employers are expected to report PAYG and Super information at each pay cycle rather than monthly or quarterly. Under STP Super […]

Why you should use a Mortgage broker?

There are myriad of benefits of using a mortgage broker to help you to find the best home loan which suits you. Mortgage Brokers work around your clock Mortgage brokers are generally willing to make appointments at a venue and time which suits you. This might be after work hours or on weekends. This is […]

Breaking News.The Reserve Bank of Australia has announced its official cash rate decision for October following its monthly board meeting.

The Reserve Bank of Australia has announced its official cash rate decision for October following its monthly board meeting. The central bank announced that it has once again held the official cash rate at the historic low of 1.5 per cent. Prior to the RBA ‘s announcement, economist at Corinna Economic Advisory, Saul Eslake, noted […]

Find out if you are eligible for a first home buyer grant or other incentives such as stamp duty reduction

Did you know? You may be eligible for a first home buyer grant or other incentives such as stamp duty reduction. First home owner grant explained for Victoria and the Australian Capital Territory. Just like New South Wales and Western Australia those within Victoria and our nation’s capital are eligible for a $10,000 grant with […]

RBA keeps cash rate on hold at 1.50

A week after the first of the big four banks moved out of cycle from the official cash rate and increased costs for borrowers the Reserve Bank of Australia (RBA) has kept the cash rate on hold at 1.50%. Governor Philip Lowe had this to say in his official statement: “Conditions in the Sydney and […]

Part 3 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

Continued from previous blog post…. The client has read a real estate article which says to get the investment property loan as an Interest only repayment to take more tax advantages. Tim was further convinced that he could save  %%EDITORCONTENT%%nbsp;484 per month which he could use to pay off the home loan and save home loan […]

Part 2 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

Continued from previous blog post…. Investment Property – The client wanted to purchase the property under Tim as Tim is in the higher tax bracket. Though this looks like a smart decision in short run, we had a different argument. When selling the property, Tim will have to absorb the entire capital gain to his taxable […]

Part 1 – How we helped a young family (Tim & Christina Phillips) to buy an investment property and save several thousands.

Phillips family found us through a family friend, who bought the first home using a mortgage arranged by us. Phillips’ objective was to buy an investment property & reduce the interest cost of the current home loan.Phillips family found us through a family friend, who bought the first home using a mortgage arranged by us. […]

How to select a Mortgage Broker?

Who is a mortgage broker? The role of a mortgage broker is to help clients choose between several loan options according to their suitable needs. Most of the brokers out there, don’t charge fees, instead, they decide to receive payment in the form of commission from lenders. Brokers have a legitimate obligation to make sure […]

Real Client Scenarios – Effective Savings on Home & Car Loan with our Refinance Service

Real time case study of Belinda* (real name changed for privacy purpose) Belinda* had a home loan and a car loan     SCENARIO Real time case study of Belinda* (real name changed for privacy purpose) Belinda* had a home loan and a car loan. Home loan was $602k. Monthly mortgage payments to bank =          […]

Early Access to Superannuation

Read this before you fall prey to illegal operations   Australia has strict rules in place surrounding access to superannuation and there have been reports of taxpayers being targeted by dodgy operators who are promising early access to superannuation for a fee. There are very limited circumstances where the law allows you to access your superannuation early […]

Find out what changes for you from 1st July 2018

Australian consumers must pay a 10% goods and services tax on all online goods bought from overseas From 1st July 2018, Australian consumers must pay a 10% goods and services tax on all online goods bought from overseas, bringing online purchases inline with tax requirements on goods and services purchased in Australia. All goods and services, including digital products and services, […]

Tax Time is almost here

Are you or your business legally and legitimately reporting all income this financial year   Tax time is almost here. Now is the perfect time to start gathering your documentation relating to income, investments and deductions that will assist your individual tax return. Tax returns can be submitted from 1st July, however, most information from employers, banks […]

Cash or No Cash

Ensure your business is legally and legitimately reporting all income this financial year   Cash is often used legitimately to pay for goods and services. However, it is illegal for people to use cash economy activities to hide income and avoid tax and superannuation obligations. Cash economy activities include businesses ‘skimming’ it’s takings, paying ‘cash-in-hand’ […]

Rands Unique Business Proposition

Tax Accounting for small businesses At Rands Financial Services, we specialise in working with Australian families and small businesses and navigate them through the ever changing world of Tax & Finance.   What does that mean for you? We spend hundreds of hours each year analysing current and new tax laws to make sure we can […]

Small Business Affordable Tax Solutions

Small Business Affordable Taxation Solutions   We offer efficient and affordable taxation solutions for your business including: ✔️ Business Tax Returns from $200.00 ✔️ Partnership Tax Returns from $300.00 ✔️ Company Tax Returns from $750.00 We’re heading into our busiest time of the year, so don’t delay, contact us on 0434 391 331.    

Budget – What you need to know!

Removing tax deductibility of non-compliant payments.     Budget, what you need to know- Removing tax deductibility of non-compliant payments. Where an employer fails to withhold an amount of PAYG from payments to an employee or to a contractor (where no ABN is provided), a deduction for the payment will be denied. This measure will […]

Tax Time is coming!

If you’re a business owner, it’s time to start thinking about your company tax return. Tax time is coming! If you’re a business owner, it’s time to start thinking about your company tax return. Spending a little time getting your company tax information in order now can save you plenty of time in a few weeks. What […]

2018 Budget – Implications for your small business.

 Latest news- Changes to GST on online hotel bookings sold by offshore providers.  The current exemption allowing offshore sellers of Australian hotel rooms online not to charge GST to consumers will be removed from 1 July 2019. The proposal requires unanimous approval from the States and Territories and mirrors previous GST changes to digital products and low […]

3 Tax Time Benefits to maximise your end of financial year small business success.

Do you want to maximise your tax time benefits with Rands Financial Services  We are getting closer to that busy time of the year again: Tax Time. If you are a small business, it’s time to balance the books, organise your receipts and go shopping!The Government’s $20,000 tax deduction initiative is one of the best […]

Victoria’s fastest developed suburbs

Victoria has recorded the fastest growing suburbs & Melbourne has grown by 2.7% The growth in Australia’s population is mainly driven by increased birth rates and increased overseas migration. So what are Australia’s fastest and highest growth suburbs to cater this growth?Victoria has recorded the fastest growth in the last two years according to Australian Bureau […]

Sole Trader or a Company

 Sole Trader or a Company – What is the best way to operate your business The difference between a sole trader and a company starts from the decision-making process. The Corporations Act sets out how a company is to make decisions. Most of a company’s decisions are to be made by the company’s directors. But other […]

Budgeting Tips

 Budgeting tips to ensure your finances are more efficient   Half of working Australians are failing to save anything each month and 43 per cent are living pay check to pay check, according to a recent study.Those who do spend more than they earn are overspending by an average of $613 each month. With 74 per cent […]

RBA confirms rate hikes not imminent

 Despite media and economist speculation that 2018 will be the year of interest rate rises, the Reserve Bank has dismissed any notion that a rate hike is imminent. Despite media and economist speculation that 2018 will be the year of interest rate rises, the Reserve Bank has dismissed any notion that a rate hike is imminent.In […]

‘More of a buyer’s market’ tipped for Melbourne in 2018 by experts

 Samantha Landy29 DEC 2017 First published in www.realestate.com.au  BUYERS rejoice — Melbourne’s roaring property market has been tipped to “come off” a bit in 2018.Experts say some heat came out of the market at the end of this year, with auction clearance rates dipping into the 60 per cent-range, suggesting formerly seller-biased conditions had swung slightly […]

How to select a Mortgage Broker?

 Who is a mortgage broker? The role of a mortgage broker is to help clients choose between several loan options according to their suitable needs. Most of the brokers out there, don’t charge fees, instead, they decide to receive payment in the form of commission from lenders. Brokers have a legitimate obligation to make sure that you […]

RBA decided to leave the cash rate unchanged at 1.50%

    The low level of interest rates is continuing to support the Australian economy.  The RBA Board judged that holding the current monetary policy would support the sustainable economic growth and achieve the inflation.The global economic conditions have improved over 2017 and infrastructure development and property construction have boosted up the Chinese economy. As per the recent data, […]

Tax Return Deadline – 11 Days More – Register with us and we will manage it

   Have you lodged your 2017 Tax Return yet?  If not you are amongst most of Australians? It is important to lodge your Tax Return on an accurately and timely manner or expose to penalties imposed by ATO. This is paramount important for Business Holders. If you need any assistance in filing your Tax Return, call us […]

Benefits and Risks of SMSF

Self-Managed Super Fund-(SMSF) is becoming popular amidst Australians. The aim of this Video to give a snap shot about what are the benefits and risks of SMSFs. If correctly evaluated one’s financial circumstances and objectives, SMSF can act as a great Retirement Plan. Through SMSF, you could invest directly in property and accumulates wealth when […]

Smart strategies to buy a home

   It is peak time to buy your new home, win yourself a good deal with these smart strategies to find the property that is right for you and your budget.1. Organise your right expertise to move fast First , talk to us about getting your home loan pre-approved. Home loan pre-approval helps you know exactly what […]

What is in Self Managed Super Fund

 Before you decide if an SMSF is right for you, you should have an idea of what’s really involved.    Suburbs We Regularly Service  

Investors drive rise in housing credit

   New research has revealed that investor housing credit has been accelerating over the past six months and in September posted its strongest growth since August last year.  According to the latest ANZ Quick Reaction, housing credit grew by 0.5 per cent month-on-month in September. Investor credit increased by 0.6 per cent in the same period, which according […]

Smart Ideas to spent your Tax Refund

   Australians have become wed to the idea of getting a tax refund in each year… For some, there is almost a forced savings aspect to the tax refund. They’re essentially letting the ATO hold onto their money because they know they’ll blow that extra cash on their own throughout the year. The challenge then becomes, if […]

Tips for small business owners at the year end  ​

Instantly write-off new assets that cost less than $20,000 The 2015 Federal Budget announced that small businesses with an aggregate annual turnover of under $2 million can claim immediate tax deductions for all asset purchases costing less than $20,000 made until June 30th 2017. The immediate tax deduction threshold is only applicable for qualifying assets that were […]