Expect Less Money In Your Tax Rebate

From the 1st July 2010,the Net Medical Tax Offset threshold was raised from 1500 Dollars to 2000 dollars. You will only be able to claim now 20% of each dollar over 2000 dollars. It was not a great deal any way but now will be less money to go into the family budget. The changes to this Medical Offset were introduced by Wayne Swan and the Labour Party

Investors Buy Or Build

If you are a new investor looking at getting into the rental market, then the 1st decision that you have to make,do you buy an estalished house or build a new one.
Both have good and bad points. The new house could have a greater capital growth than an older house. It could also command a higher rent than an older property. While these are points to consider, building can work out to be more expensive.
You will have to pay interest on the land and construction progress payments to the builder.It takes at least 12 months to build a house in Perth but a couple of years ago when there was a building boom it was taking 24 months.
While there is no stamp duty to pay on the house when building there will be stamp duty to pay on the land transfer. On land with a purchase price of $180000 the stamp duty would be $5130 in Western Australia.
Buying an established house would incur stamp duty but the big advantage is that as soon as you have made settlement on the property the house can start earning an income.

Tax Time Make The Most Of It

Have you been planning what to do with your Tax return. In Australia the end of the Tax year is the end of June. This means for most Australians a time to catch up on all the expenses that the first part of the year brings. A full credit card left over from Christmas and new year. The school holidays and the family holiday. Then it was back to school,fees ,book lists and new uniforms. Recently it has been winter school uniforms and the promise that water and electric is going up.
So do you self a favour and start thinking about your return now and get organised. Plan your return even if you are going to get an accountant to submit your return. Make a check list of all the different sections of the tax return. Then put all the papers concerning each part in separate files . This is where the school book lists come in handy as you have already paid for ample files that remain unused.It all sounds like common sense and it is really but so many people go to see their accountant and being unprepared things get forgotten and this means you will end up getting less of a return than you could have had.