AFS NEWS | Your partners in success
The State Revenue Office (SRO) of Victoria are set to impose changes from 1 March 2020 in relation to foreign resident duty charges and discretionary trusts.
Property investors are entitled to several taxation benefits, however, many fail to take full advantage of the depreciation deductions available to them. While most investors are aware of claims for expenses such as interest on their loans, council rates, property management fees and repairs and maintenance costs, depreciation is a hidden factor often not considered.
Capital works deductions are income tax deductions an investor can claim for the wear and tear that occurs to the structure of the property or items considered to be permanently fixed to the property. This includes any structural improvements that may have been made during a renovation.
The Portable Long Service Benefits Scheme (the Scheme) allows employees who change employers to carry their accrued long service leave over to their new employer, provided they are staying within an industry covered by the scheme.
ASIC is reminding certain companies they were required to have a whistleblower policy in place and made available to officers and employees by 1 January 2020.
Over the December and January period we were saddened to hear of the impact around the country to both our clients and their communities by the devastating bushfires.