Empower Blog Tax and Personal Accounting

CGT Now Affects Most of Your Assets, Even Gifting Jewellery…

This blog was originally posted on Ban Tacs and written by Julia Hartman, founder of the Ban Tacs group and Chief Technical Tax Advisor for Empower Wealth Tax. This report is also referenced and expanded in our series, Talking Property Tax with Julia Hartman in Episode 4. Watch it here >> Capital Gains Tax (CGT) applying t...

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Mapping Out Your Property to Make the Most of CGT Concessions

This blog was originally posted on Ban Tacs and written by Julia Hartman, founder of the Ban Tacs group and Chief Technical Tax Advisor for Empower Wealth Tax. This report is also referenced and expanded in our series, Talking Property Tax with Julia Hartman in Episode 4. Watch it here >> If your home is on more than 2 hec...

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Navigating Tax Changes in 2023: Updates to Remote Work Claims, Renting And Victoria’s New Tax Grab 

Talking Property Tax with Julia Hartman: Episode 4 In our first episode for 2023, we'll be exploring the latest tax updates from across Australia, including:  Changes to working from home Expense claims: What expenses can you now claim on your 2023 tax returns and how to navigate these changes while maximising your tax deductions. ...

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Home Deposits Made Simple – Two Years at $200 Per Week and No LMI

This blog was originally posted on Ban Tacs and written by Julia Hartman, founder of the Ban Tacs group and Chief Technical Tax Advisor for Empower Wealth Tax. This report is also referenced and expanded on in our podcast, The Property Couch in Episode 417 | Home Deposits Made Simple – Chat with Julia, Michael & James! Give it a listen ...

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How To Protect Your Personal Data

An Empower Wealth Data Security Update There are more resources, tools, and devices connected to the Internet than ever before. While there are great benefits to accessing digital information quickly and easily via the internet, this also means an increased risk of unauthorised access to personal data. At Empower Wealth, we take data securit...

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Highlights from the FY22 Reporting Season: Will Australia Avoid A Recession?

Note: This information is provided by Ausbil Investment Management Limited, an Australian-based investment manager.  Key Observations of Reporting Season Context FY22 reporting season comes after a period of extraordinary events. The invasion of Ukraine by Russia towards the end of the HY22 reporting season in February had a profound eff...

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Your Ultimate Guide To Reducing Tax on Vehicles, Private Insurance & Land

Talking Property Tax with Julia Hartman: Episode 3 IMPORTANT NOTE: This recording was filmed and produced before Queensland's Land Tax was scrapped. With a number of policy changes on the cards, in our third episode of “Talking Property Tax with Julia Hartman,” Ben and Julia cover... Salary Sacrificing For Cars: How do Salary Sac...

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New Changes to Queensland’s Land Tax: How Will it Affect You? 

The Revenue Legislation Amendment Bill 2022 was recently introduced following the announcement of land tax reforms in the 2021-22 Queensland State Budget Update.  The changes will apply to Queensland land tax assessments in the 2023-24 financial year.  Regardless of the relative merits and arguments supporting (or challenging) this ch...

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Everything you Need to Know about Crypto Tax 

Other than in the very rare circumstances where crypto is just purchased to buy a personal asset, any gain or loss you make on crypto is subject to tax. So don’t forget to bring your details with you when you do your tax return. The Australian Taxation Office (ATO) are right onto data matching your transactions we are already seeing the sal...

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Tax Planning Tips to Maximise your Returns (Part Two)

Talking Property Tax with Julia Hartman: Episode 2, Part 2 In our last Bonusisode, we featured Part One of Tax Planning Tips to Maximise your Returns and now we’re back to give you the rest of the gold!    We’ll be homing in on claiming travel expenses - especially if you’re a rental owner – and how you can best p...

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Tax Planning Tips to Maximise your Returns (Part One)

Talking Property Tax with Julia Hartman: Episode 2, Part 1 To celebrate (or more accurately, prepare) for the upcoming tax season, we’re back with the second episode of our new Property Tax education series called “Talking Property Tax with Julia Hartman”. As the old saying goes, “By failing to prepare, you are preparing to fai...

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Do Not Let Your Conveyancer Talk You Into Registering For GST!

When it comes to registering a property for GST, it's always best to check with an experienced property Accountant before. Get it wrong and you will have to pay the ATO 1/11th of the sale proceeds, even if the bank ends up taking the whole lot to repay your loan.  Twice in one week clients have come to our National Accountants network having b...

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Principal Place of Residence CGT Exemption

The recent increases in housing prices make it more important than ever to ensure you home is fully protected from Capital Gains Tax (CGT) by your main residence exemption. Afterall CGT is really just a tax on inflation.  If your home misses out on the exemption you are unlikely to have enough left to buy another home after you pay the tax...

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