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Welcome to the July issue of Lendcorp News.
In this Issue
In Other News
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Introduction
WELCOME to the July 2008 edition of 'Lendcorp Finance News'.
It's now "that time" of the year again where everyone is thinking of their tax. In this month's issue we cover some items to help you stay on the right track.
Give us your feedback, if you would like any other issues covered, please do not hesitate to drop us a line at sales@lendcorpfinance.com.au.
Kind regards
The Lendcorp Team
Tax Returns Made Easy
Completing a Tax return may not be as complicated as you think.
The (ATO) Australian Taxation Office is recommending taxpayers use its e-tax.
E-tax is a quick and easy option that cuts down the time taken to prepare your tax return. A good proportion of your return including details on income, share ownership and dividends is already filled out, all you need to do is check the numbers and add what you may need to.
E-tax can work out capital gains and losses and lets you know whether you're due for a refund or liable to pay tax.
To see what E-Tax is all about we have attached an audio demo provided by ATO View here .
What Will The Taxman Be Looking At?
Property Investors Beware
This year, ATO is writing to some investors in the property market if they have unusually high claims for rental deductions, low rental income in relation to deductions, high interest cost claims or high borrowing expenses. So be accurate with your numbers and make sure you have receipts for all your expenses.
ATO is also writing to last years property-market entrants on the do's and don'ts of filling out your return, so chances are they will be checking your return carefully.
- Things to Avoid:
Claiming deductions for rental properties not genuinely available for rent.
Not apportioning expense claims where the property is only available for rent part of the year.
Overstating interest claims on loans taken out to purchase, renovate or maintain a rental property.
Claiming the full cost of a visit to inspect a property when it is combined with a private purpose, like a holiday.
- Things to Consider
A Tax Depreciation Schedule (TDS) is highly recommended when purchasing an investment property. Property investors often ignore depreciation and miss out on some of the huge tax benefits. TDS's list all your depreciation entitlements for up to 20 years and can save you a lot of money.
Investors can also claim capital works deductions for the construction cost of residential buildings and can claim depreciation for wear and tear on fixtures and fittings in the property such as carpet, blinds and wardrobes.
Capital Gains
ATO is devoting more time and resources to checking the tax returns of investors, in particular share owners and landlords are in the taxman's radar as their number grows. If you're an investor all asset sales and any capital gains must be reported.
The ATO is also expanding the use of data matching with third parties to identify under-reporting of income and capital gains to the point where the tax returns of most share or property investors will be checked this year.
Work Expenses
Be wary of what and how much you are claiming. Car expenses, travel expenses, mobile phones, self education are the most common things that are overclaimed. Home office expenses and computer expenses are also included in this list.
If the total of your work expenses are more that $300, you will need documentation support, so keep all your receipts. These receipts must be kept for up to five years of lodging a return.
Don't forget to claim depreciation of assets, if you use computers or printers for work .
Super Limits
Australians who plan on contributing more than $50,000 to their super fund should check the details on the ATO's Website Super Contributions or with their accountant as the Federal Government imposed caps on the amount of super contributions made to superannuation funds. These caps mean that taxpayers will need to take care to avoid the excess contribution tax.
Tax Schemes
Before you get involved in any local or offshore scheme, get independent advice about the investment, preferrably from someone who has no connection with the seller or the investment scheme. The ATO has published serveral alerts this year warning against particular tax avoidance schemes.
Need more information, you can visit ATO's full website at www.ato.gov.au.
That's all for this month's edition.
In closing, we hope you have enjoyed this newsletter and look forward to some feedback.
All the best from the Team at
Lendcorp Finance
Please note that information in this publication is subject to change without notice. Lendcorp Finance assumes no responsibility for any errors, ommissions or mistakes in this document. You have received this email because Lendcorp Finance Pty Ltd believes we have previously made contact with you, which has given us the opportunity to send you information relevant to your organisation, your interests, or your relationship with us. If you would prefer not to receive future email newsletters please unsubscribe via the link provided, see bottom left of page.
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