Change to Motor Vehicle Rates

For the first time since the 2008/2009 financial year,  the motor vehicle cents per kilometre rates have increased.cents

These rates are commonly used when calculating tax deductions within tax returns but are also utilised by a number of businesses and not-for-profit entities when deciding how much they should reimburse their employees for work-related travel.

The new rates are:

Year

Small Car

Medium Car

Large Car

2013/2014

65c /km

76c / km

77c / km

If you have any questions regarding the application of the new cents per kilometre rates, please contact Ellingsen Partners.

Looking for your Super?

lostsuper

Did you know that there a billions of dollars in lost super currently sitting in the SuperSeeker system?

When was the last time you checked the SuperSeeker tool to see whether or not you have any lost super?

You can use the SuperSeeker tool to check your super balances, find any lost or ATO-held super and also organise the transfer of super to your preferred super fund.

SuperSeeker can be found at the following website www.ato.gov.au/Individuals/Super/In-detail/Lost-and-unclaimed-super

New Superannuation Rates & Thresholds

The Tax Office has updated the superannuation rates and threshold for the 2014 /2015 financial year.

 Concessional contributions cap

These include employer contributions (including contributions made under a salary sacrifice arrangement) and personal contributions claimed as a tax deduction by a self-employed person. 

Income Year

Amount of cap

2014/15

$30,000

2013/14

$25,000

 

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Want to Increase Your Depreciation Claim?

I was recently reading an article that highlighted the fact that ownership of investment properties has increased 40% in the last three or so years.depreciation

 

I dare say many of these purchases will be jointly-owned.

 

Joint ownership opens the doors for investors by increasing their purchasing power and reducing the burden of purchase costs and the ongoing expenses associated with the property .

 

It is important to know that joint ownership structures can influence how property depreciation is calculated.

 

It is amazing how many times we see depreciation not being maximised when reviewing a new client’s depreciation schedule for a jointly owned property.

 

A common mistake is to calculate depreciation for a property and then split the deductions for each owner based on the percentage of ownership.

 

However, when we apply the applicable depreciation legislation to assets with jointly-owned properties, the cost threshold that qualifies assets for accelerated depreciation rates can be governed by each owner’s interest in the asset. 

 

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