SVA Article #2

Tax Tips

For investment properties
If you own a residential investment property, you can’t claim travel expenses as a tax deduction unless you are in the business of letting rental properties. To be considered “in the business of letting rental properties”, you need to be a:

  • Corporate tax entity (e.g. a company)
  • Public unit trust
  • Managed investment trust

If you have an investment property, talk to us and we will help you work out all your eligible deductions.

For small business
The ATO has identified 3 common mistakes small business owners make when lodging their tax return:

Mistake 1: Failing to report all of your income.

Mistake 2: Failing to have records to prove expense claims.

Mistake 3: Claiming private expenses as business expenses.

It’s always easier to lodge a correct tax return than trying to correct a mistake once it’s been submitted. So if you usually prepare your own tax return, save yourself the burden this year. Talk to us because we’ll make the whole process simple, efficient and accurate.

For Individuals
Take advantage of our 2019 Tax Return Checklist so you don’t forget a thing. Download it from our Home page by clicking on the clipboard located under the banner.

For straight-forward, practical accounting, taxation and financial advice
contact our knowledgeable team at SVA and WPA by calling 02 8850 0388

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