Empower Blog ATO

Got Over $3M in Super? You Might Be Paying More Tax Soon

Note: This document has been prepared by Actuate Alliance Services Pty Ltd (ABN 40 083 233 925, AFSL 240959). At this stage, the measure is a proposal only and has not been made law. The information included below is based on the announcement made on 28 February by the Government and a Factsheet that has since been released by Treasury with some a...

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Warning: Start a Diary of Your Home Office Use Now!

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 >> Despite objections from the Tax Ag...

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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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Opportunities await – super changes from 1 July 2022 

Changes to super contribution rules from 1 July may create a great opportunity to revisit your savings and super contribution strategies. The changes may create new or enhanced options to build your savings. Outlined below is a brief explanation of some of the key changes and how you could benefit.  Super changes ahead  Now is ...

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The financial impact of negative gearing

With all the debate around negative gearing, I thought it was time in this how to session to actually look at the number. The dollars and cents behind what a decision like changing Negative Gearing would have on a personal circumstance. So it’s important that we take a look at that and unpack that story so we can bring those facts to life. What u...

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The 7 Biggest Property Investment Mistakes

If I were to ask you what do you feel more comfortable with, investing in shares or property? The majority of people would say property.  The reason for this is because property is something that we all have experienced in our lives, so naturally we automatically assume we understand it better than shares or managed funds.  Shares on the other h...

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ATO Ruling on Interest Capitalisation

After earlier releasing a draft ruling on interest capitalisation the ATO has finally released its ruling: TD 2012/1. In property investing terms, interest capitalisation is where a person or entity is claiming interest costs on top of the original interest costs and instead of paying the original interest the borrower is paying down other non-d...

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PAYG Withholding Variation Option

In simplistic terms this means the ATO is happy to help you from a cash flow point of view in meeting your money needs throughout the course of the new financial year. Michael Pope—Empower Wealth’s Money & Wealth Planner thinks it’s a real positive for investors. “Most people opt to get a nice little bonus come tax return time, bu...

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Developing Property and GST

In a recent case at the Federal Commissioner of Taxation, Administrative Appeals Tribunal a taxpayer was fined over $160,000 for failing to disclose the sale of new townhouses in their business activity statement. If you are building a property with the intention of selling the property for a profit, then you are required to register and charge GST...

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