Trust Resolutions

In the past, it has been common practice by most accountants to have a rough idea of trust income at 30th June and then (ahem) backdate the distribution resolutions when the tax returns are completed, usually months later.

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2013 Tax Variations Now Available

The tax office has released the 2013FY Tax Variation forms and has now started processing those requests. Each variation only last until the end of each financial year, so if you've lodged one in the past then you may want to consider requesting another one for the new year - which is only six weeks away now!   Read more


What does the 2012-13 Federal Budget mean for Property Investors?

On first glance, it looks like Labor have given up on their chances of winning the next election but are giving it one last shot to win voters over. The budget could loosely be described as a marketing ploy - moreso than usual - with more middle-class welfare bribes, removal of business tax cuts, and a small but highly marketable surplus. Read more


It's a boy!

There's never a shortage of exciting news at the House of Wealth, with Samantha & I proud to announce that we are expecting a baby boy in late August or early September this year!

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Claiming Interest on Vacant Land

We were browsing the Private Rulings register recently and noticed two somewhat similar scenarios had been given two very different answers by the tax office. Both rulings related to the deductibility of interest on a block of land, with intent to rebuild an investment property for long-term income.

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Capitalising Interest - TD 2012/1

The tax office issued a draft determination last year on the topic of using a capitalising line of credit to fund interest repayments on an investment property whilst using the rent to pay down personal debt. They've now finalised that determination and there are a few important points to consider as a result.

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Tax return deadlines for 2011 & variations for 2012

Just a quick note to remind you that if you've not yet submitted the information for your 2011 returns, you should probably move quickly.

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New banking details

After getting a little frustrated with our previous bankers, we've broken up with them and moved onto Bank of Melbourne.

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Tax office data matching

In their continual efforts to catch tax cheats, the tax office are boosting their data matching projects and we thoughts that two of these in particular might be of interest to you.

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New Team Members

Just a quick note to introduce you all to our new admin superstar, Emma, and perhaps reacquaint you with James' father, Dale.

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