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13 hours ago

MCA Accountants

Income protection insurance is fully tax deductible if held by an individual. Be aware that if yoiur insurance product includes some life insurance, TPD, or trauma - you will need to apportion the premium and only claim a partial amount. ... See MoreSee Less

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1 day ago

MCA Accountants

Tax Tip: CGT Dates - For capital gains purposes, the only date that matters is the contract date - i.e. the day you agree to sell the asset For example, you sign the contract of sale for your investment property on 12 May 2018, with settlement in September. The capital gain will need to be on your 2018 tax return You can effectively defer tax on the sale for a year by signing the contract on 1 July instead of in May or June... The dates also matter because they determine whether or not the 50% discount applies. For assets you've owned for 12 months or more - "contract date" to "contract date" - half of the gain may be exempt from tax ... See MoreSee Less

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5 days ago

MCA Accountants

Asset Protection Tip: Becoming a director - With an increasingly litigious society - and our Laws being tightened to reflect that - the simple act of becoming a company director can have big consequences. If you asked to become a director, do your due dilligence. You can be made personally liable for existing debts after 30 days - so if the company has debts that it can't pay, you may end up carrying the can ... See MoreSee Less

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5 days ago

MCA Accountants

We often get queries around what "repairs" are deductible in relation to investment properties. If you are restoring an item back to its original condition, it is considered a repair and is tax deductible

If the work you are doing improves the item compared to its condition when you purchased it, or changes the composition of the item, it is considered an improvement and not tax deductible

Take an old bathroom for example. If you choose to repair a vanity unit you can deduct it - but upgrade it and it won't be
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