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Removal of the Temporary Budget Repair Levy from the 2017/18 income year

Posted by Brad Callaughan on July 27, 2017

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The 2% Temporary Budget Repair Levy(or ‘TBRL’), which has applied to individuals with a taxable income exceeding $180,000 since1July 2014,is repealed with effect from 1 July 2017. Up until 30 June 2017, including the TBRL and the Medicare Levy, individuals earning more than $180,000 faced a marginal tax rate of 49%. With the benefit of...

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Budget Update 2017

Posted by Brad Callaughan on June 28, 2017

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One of the other more significant Budget announcements is that, from 9 May 2017, the Government proposes to limit plant and equipment depreciation deductions (e.g., for dishwashers and ceiling fans) to outlays actually incurred by investors in residential properties. More specifically: Plant and equipment forming part of residential investment properties as of 9 May 2017...

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Happy-New-Financial-Year

End of Financial Year

Posted by Brad Callaughan on

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Happy New Financial Year to all our clients, family and friends from all of us at Callaughan Partners,

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Rental Properties – on ATO Radar

Posted by Brad Callaughan on June 22, 2016

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Just a reminder that should you own and investment property that you are again on the ATO radar. In order to remain compliant, we suggest that you keep all receipts and correctly claim rental expenses. If you have any questions, please ask.

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ATO warns about iTunes scammers

Posted by Brad Callaughan on June 16, 2016

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ATO warns about iTunes scammers The ATO is reminding the public to be alert to scammers impersonating the ATO demanding iTunes gift cards as a form of tax debt payment. Of the 8692 phone scam reports the ATO received in April 2016 in relation to the fake ATO tax debt scam, 58 reports mentioned the...

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