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Do you know the tax deductions for which you might be eligible?

Claim work-related deductions Claiming all work-related deduction entitlements may save considerable tax. Typical work-related expenses include employment-related telephone, mobile phone, internet usage, computer repairs, union fees and professional subscriptions. Note that the Australian Taxation Office (ATO) will again check claims made in real time.   Claim home office expenses When part of your home has been set aside primarily or exclusively for the purpose of work, a home office deduction may be allowable. Typical home office costs include heating, cooling, lighting and even office equipment depreciation. To claim the deduction, you must have kept a diary of the hours you […]

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Do you know the tax deductions for which you might be eligible for with your rented property?

Rental property deductions Owners of rental properties that are rented or are ready and available for rent can claim immediate deductions for a range of expenses, such as: interest on investment loans land tax council and water rates body corporate charges insurance repairs and maintenance agents’ commission gardening pest control leases (preparation, registration and stamp duty) advertising for tenants   Landlords may also be entitled to annual deductions for the declining value of depreciable assets (such as stoves, carpets and hot water systems), and capital works deductions spread over a number of years for structural improvements like remodelling a bathroom. […]

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Tax time is coming – Are you paying too much tax ?

Do you own or have you bought an investment property in the past financial year? Or…have you recently refurbished, altered or extended your investment property in the past financial year? Or…do you own an investment property but have never claimed depreciation in the past? Or… own any property including commercial, retail, industrial, residential, pubs, clubs, sporting – we are experts in them all. If your answer is yes to any of these questions then you may very well be paying too much tax on your income if you don’t claim your depreciation deductions. Property tax allowances (commonly known as depreciation) provide […]

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Think differently! 7 innovative ways to grow your business

A great idea and a willingness to see the world differently lie behind the success of many entrepreneurs. Here, eight trailblazers share their insights and tips to help all businesses innovate and grow. 1. Stand for something Work out what you want to stand for. Take your marketing hat off and ask ‘why am I doing this and what do I really care about?  2. Define the problem Good solutions are only possible when the problem is well defined.  3. Turn a negative into a positive Don’t listen to advice from others who know nothing about your business.  4. Reap […]

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Maximising after-tax income with franking credits

Superannuation funds have low tax rates but still get full value for the franking credits they receive from their investments. Even tax free accounts in superannuation will get the full value for these credits. Funds in retirement phase will typically be getting tax refunds each year. For example, a $700 fully franked dividend in a tax free account generates a $300 tax refund so is actually worth $1,000, plus the added pleasure of actually having the government pay money to you. If the super fund is paying the 15% tax rate, the $700 fully franked dividend still generates a tax […]

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ETFs free up time for personalised service

AIIM Financial Services is looking at ditching all of its clients’ direct stock holdings and replaced them with six to seven ETFs. It is a radical move, we believe the change not only delivers better outcomes for our clients, but also creates a more efficient business model that frees us up to focus on higher-value advice. I see managing a portfolio as a very small part of what I do as a strategy-focused planner. Moving to ETF-based portfolios has freed up more of my time to concentrate on strategies that provide more value to our clients. Advisers are adopting ETFs […]

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AIIM granted Membership of Reanda International

AIIM Financial Services is delighted to announce it membership application has been accepted for Reanda International. This provides AIIM’s clients with access to Accountancy and advisory services worldwide. Reanda International is an international network of independent accounting and consulting firms, It is China’s first professional accounting network to collaborate with independent member firms from overseas countries. Reanda International was established in 1993. Through more than 20 years development, Reanda has formed a sizable international accounting network with more than 25 branches or strategic alliances in major cities of China like Beijing, Shanghai, Harbin, Xiamen, Hong Kong etc. So far Reanda […]

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The importance of Team Us in estate planning

Take a seat, relax. Unfortunately, I have some bad news for you. Your condition is terminal – you will die at some stage in the next 100 years! Now that you have that prognosis, it is time to do three things about it: get your emotional, spiritual and financial affairs in order. It is disturbing to consider how many Australians do not have a will. One explanation might be that by ignoring making a will, the need to have one might not happen – or conversely, dealing with it might make it happen! Both are what psychologists call ‘cognitive distortions’. […]

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Where type of commercial property should you consider investing in?

While a large regional shopping centre is clearly out of reach but for a handful of investors, there are a lot of options to consider. One reason investors decide to invest in commercial is to get access to higher-yielding investments, a challenge for many residential investors. Diversification can also be a driver with many people moving on from residential investment to commercial. For many commercial property types, performance can often be linked to quite different factors that drive residential performance. A shop on a retail strip is one of the more popular forms of commercial investment. Buyers tend to like […]

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Introducing Your Children to Money

Here are 14 simple ways to help educate children about personal finance and managing money: As soon as children can count, introduce them to money. Observation and repetition are two important ways children learn. Communicate with children as they grow about your values concerning money — how to save it, how to make it grow, and most importantly, how to spend it wisely. Help children learn the differences between needs, wants, and wishes. This will prepare them for making good spending decisions in the future. Introduce children to the value of saving versus spending. Explain and demonstrate the concept of […]

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