Study and education costs may be tax deductible if they increase your skills or income in your current job. HECS/HELP is not deductible.

Speak to your accountant about salary sacrifice certain items to save on tax. Items could include laptop, superannuation and your car.

If u have negative geared property, u can lodge a "PAYG withholding variation", that way u can receive more tax money in your pocket today!

Intetesting fact: Banging your head against a wall uses 150 calories an hour.
so more head banging during work ;)

The average person falls asleep in seven minutes. Thoughts?

Did u know that a husband and wife can claim 2 seperate properties as their main residence to save on capital gains but at 50% each?

TGIF Beautiful day in Sydney! Any plans for the weekend? I have a busy one...

Thanku to everyone who visited & liked our facebook page! The stats show that we had 1,133 visits this week alone! http://ping.fm/oFhGF

Recent Trust Law amendments have allowed streaming of capital gains and franked dividends. This may be worthwhile considering come tax time.

Up bright and early for the SWNG networking breakfast http://ping.fm/3UyDx

At the Liverpool Community Forum. Let me know if there are things you would like improved in Liverpool for business or residential.

For the next two hours, we are offering free tax advice if it can be answered online. Post your questions or privately message us for advice.

You are able to claim $150 work related expenses, $150 laundry and 5000KMs without receipts given that you can show that they were incurred.

Starting a business? Links and Tools from the ATO to help start-up businesses http://www.ato.gov.au/businesses/content.aspx?menuid=0&doc=/content/00221703.htm&page=2&H2

http://ping.fm/f5bdu

What business structure is best for you? Consider factors such as tax savings, asset protection, costs & income distribution. http://ping.fm/gQDkk

Had a wonderful lunch at our friends Joe and Nadas house!

Changing bank accounts will soon get easier with the govt announcing bank account number portability. http://ping.fm/hk9rU

yay, my family and I made the Liverpool Leader website.. http://ping.fm/IYcE8

Illegal super schemes - beware of offers to withdraw your super early http://ping.fm/d5xsE

TGIF! I have plenty on this weekend. Who is going out tonight?

A reminder that July monthly BAS's are due for lodgement on 21 August.

Dont be afraid of the share market, if you have the money to risk, now may be the perfect time to invest in shares. http://ping.fm/cZVWd

Parents who receive Family Tax Benefit A and with children in school receive a 50% refund on most school related expenses. Certain expenses are deductible such as uniforms, internet, stationary, computers, and others are not, such as school fees.

A photo of the Family and I was featured in our local paper, the Liverpool
Leader, today (17 August) on page 15. Check it out online
http://ping.fm/azhgH

A photo of my family and I was featured in our local paper, the Liverpool Leader, today on p15. See it online http://ping.fm/cnF9G

If you earn under $61,920, consider putting an untaxed contribution into super as the government will match your contribution $1 for $1 if you meet certain conditions.

You can now follow Allegiance Accounting on Linkedin http://ping.fm/QhyE1

You can also follow us on TWITTER http://ping.fm/ijV72 or on Google BUZZ http://ping.fm/xnWF8

You could earn up to $62,000 and only pay 15% tax by using your Superannuation. Call 1300 135 918 or email us. There are many tax saving strategies that could be implemented but many depend on your situation.

Facebook, if you have Facebook, please like our page http://ping.fm/YH4T7

Travel to and from a rental property is deductible even without receipts if inspecting or repairing the property. Call 1300 135 918 to discuss with out Chartered Accountants. http://ping.fm/HBp0q

Good Morning Everyone!

Attending the Liverpool Action Group monthly meeting today. If you have any suggestions to improve Liverpool Sydney, why not attend or let me know

Now due: Please remember to lodge the PAYG withholding payment summary annual report for large withholders (annual withholding > $1 million), or a payer who has no tax agent or BAS agent involvement in preparing the report.

A great article depicting the fear of the loss of money rather than the actual loss of money. http://mothersloveletters.com/money-problems/

Great explanation of what is happening in the global economy, although I believe it is slightly exaggerated.
http://www.youtube.com/watch?v=Jjv-MtGpj2U&sns=em

Free Apprenticeship and Traineeship seminar in Sydney, See what incentives you can get as an employer http://www.apprenticeshipscentre.com.au/free-apprenticeship-and-traineeship-information-session/

Electricity price increase: was anyone else stung by the increase? We had our electricity come at TRIPLE that of last quarter, partly due to increased usage and partly due to increased prices.

Land tax is tax payable on land value in excess of the state threshold. You are able to own land in multiple states without paying any tax as each state has it's own threshold. Ensure you are registered for land tax in your state so that you are not hit with a bill upon sale of your property.
For more information, call 1300 135 918.

If you have a company slogan, logo, business product or methodology that is worth protecting, consider getting it trademarked. It is best to get a trademark attorney to ensure it is trademarked in the best way at minimal cost.

20% Medical Tax Offset

Keep your receipts for out of pocket medical expenses as you may be entitled to a refund of 20% for amounts over the threshhold ($2,000 at 30 June 2011).

Aged care may also be considered an out of pocket medical expense for the person who pays it.

Expenses you may claim include:
* dentists, orthodontists or registered dental mechanics
* opticians or optometrists, including for the cost of prescription spectacles or contact lenses
* a carer who looks after a person who is blind or permanently confined to a bed or wheelchair
* therapeutic treatment under the direction of a doctor
* medical aids prescribed by a doctor
* artificial limbs or eyes and hearing aids
* maintaining a properly trained dog for guiding or assisting people with a disability
* laser eye surgery, and
* treatment under an in-vitro fertilisation program.

You may contact us on 1300 135 918 or visit our website at www.AllegianceAccounting.com.au.

You may also visit http://about.me/germanos.george

Please note, this is general information only and you should seek appropriate advice prior to acting on it.

Keep your receipts for out of pocket medical expenses as you may be entitled to a refund of 20% for amounts over $2,000. Aged care may also be considered an out of pocket medical expense for the person who pays it.

Borrowing Costs on Investment Property and Shares

If you borrow for an investment property or shares, or if you refinance a loan, you may be entitled to claim the costs of borrowing as an expense (e.g. mortgage insurance).

Costs of borrowing are to be written off over the shorter of 5 years OR the term of the loan.

Borrowing costs under $100 maybe claimed in the year it is incurred.

Generally, when you refinance, you would be able to write off any remaining borrowing costs on the old loan, as well as start deducting any new borrowing costs on the new loan.

Call us on 1300 135 918 for more information on maximising deductions - Allegiance Accounting, Sydney Chartered Accountants.

http://www.AllegianceAccounting.com.au

This is general information only and should not be used as advice. You should seek advice before acting on any information.

If you borrow for an investment property or shares, or if you refinance a loan, you may be entitled to claim the costs of borrowing as an expense (e.g. mortgage insurance). Call us on 1300 135 918 for more information on maximising deductions.

A quick reminder that the Australian Census is due tonight and can be lodged online.

Normally, business assets over $100 are deducted over several years. Small businesses are allowed to immediately deduct assets under $1,000.

Normally, vusiness assets over $100 are deducted over several years. Small businesses are allowed to immediately deduct assets under $1,000. P: 1300 135 918 for more information.

With the share market taking such big losses, have you considered investing? Some shares now have a dividend yield of 10%! A great payback for entities with a lower tax rate!

You can read a bit about me and even follow me on social networks by visiting http://about.me/Germanos.George

If you are thinking of purchasing your next office or investment property, consider purchasing it using your superannuation. Their is greater asset protection, great deductions to be made and a significantly lesser capital gains tax payable upon the sale. P: 1300 135 918 for more information or speak to your tax adviser.

I hope you all had a wonderful weekend!

Cars and Fringe Benefits tax (FBT)

If you purchase a car and run your business through a company, you may make substantial savings by purchasing the car in the company.

Any private use of company assets may incurr a Fringe Benefit Tax. However, once you take out the GST credits you would receive on the expenses related to the car, as well as the tax deductions on those expenses and the car itself, it may be more benificial to have the car in the company.

We are able to perform a detailed calculation for you and your company to see whether purchasing the motor vehicle in your company or personally is benificial and how much you could save.

We are more than happy to discuss your situation - Call us on 1300 135 918 for more information. http://www.AllegianceAccounting.com.au

Having your car under a company may be more benificial for you. You may need to pay FBT tax, but the tax deductions and GST may offset the FBT cost. Call us on 1300 135 918 to perform a more detailed calculation for you.

It is possible to sell your house capital gains tax (CGT) free even if you rented it out. The CGT exemption may apply in certain circumstances. P:1300 135 918. Speak to your accountant or call us for more information.
www.AllegianceAccounting.com.au

Hi All, to celebrate my wife going back to work following the pregnancy, we have this one day deal http://www.dealme.com.au/deal/nsw/capture-special-moment-one-hour-professional-photo/

If you own a business, you could earn up to $62,000 and only pay 15% tax by using Superannuation. You could be saving thousands of dollars! Call us for more information P: 1300 135 918

Do you own a rental property? If so, have you considered getting a
depreciation schedule? You may be surprised at the $1,000's in extra tax deductions you could get even on older properties.

Do you own a rental property? If so, have you considered getting a depreciation schedule? You may be surprised at the $1,000's in extra tax deductions you could get even on older properties.

If you have a rental property, the ATO has a good seminar which could help. Visit http://www.ato.gov.au/corporate/Seminar.aspx?state=NSW&program=INDL

Do you own a rental property? If so, have you considered getting a depreciation schedule? You may be surprised at the $1,000's in extra tax deductions you could get even on older properties. Speak to your accountant or contact us for more information P:1300 457 746

To maximise your tax refund, consider whether you have travelled by car for work purposes. If so, you may legitimately claim a motor vehicle deduction even without receipts. Ask your accountant or speak to us for more information. P:1300 135 918