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Rental property – repairs or capital expenses?

Posted by Team AVS on 31 Jul, 2024  0 Comments

When your clients have work done on their rental property, make sure it's categorized correctly to avoid errors when including it in their tax returns.

Consider these factors to determine claims for expenses:

Repairs and general maintenance are expenses for work done to remedy, or prevent, defects, damage or deterioration from using the property to earn income. These expenses can be claimed in the year the expense occurred.
Initial repa

Stay safe online – Cyber hygiene habits for business

Posted by Team AVS on 25 Jul, 2024  0 Comments

Protect your business from common cybersecurity threats this tax time.

With tax time in full swing, it’s important to keep your business secure online and put systems and processes in place to help reduce the risk of a cyber event. You should also plan for what you’ll do if a cyberattack occurs.

Every Australian business is a target for cyberattacks. In the 2022–23 financial year, the average cost of cybercrime for small businesses in

The small business energy incentive is now law

Posted by Team AVS on 19 Jul, 2024  0 Comments

The small business energy incentive supports your clients' energy needs while giving them a bonus tax deduction.

If your business clients (with an aggregated turnover of less than $50 million) are thinking of upgrading or purchasing a new asset that helps improve energy efficiency, talk to them about the small business energy incentive.

This new measure gives them the opportunity to claim a bonus deduction equal to 20% of the cost of eligi

Energise your business

Posted by Team AVS on 11 Jul, 2024  0 Comments

Businesses (with an aggregated annual turnover less than $50 million) will have access to a bonus 20% tax deduction with the small business energy incentive (“the incentive”). This applies to new assets, or improvements to existing assets, that support more efficient energy use.

Eligible assets must be both first used or installed ready for use for any purpose, and used or installed ready for use for a taxable purpose, between 1 July 2

ATO warning to rental property owners: don’t let your tax return be a ‘fixer-upper’

Posted by Team AVS on 2 Jul, 2024  0 Comments

The ATO warns rental property owners to ensure that their tax returns are correct this tax time.

The Australian Taxation Office (ATO) is warning rental property owners that their tax returns are in the spotlight this tax time.

ATO Assistant Commissioner Rob Thomson explained the ATO has found the majority of rental property owners are making errors in their tax returns, despite 86% using a registered tax agent.

The most common mistake is

Disclaimer : All the content (including Blogs, newsletters, Fact sheets, calculators etc.) provided on this website is general information only and is neither intended to nor be considered personal financial or taxation advice. The content has been prepared without taking into account your personal circumstances, financial situation or objectives. In making any financial, investment or taxation decision, information provided on this website should not be relied upon and you should seek personal advice. AVS Business Services Pty Ltd disclaims any responsibility for any decision that you make, based on the information provided on this website.All the information provided on this website is prepared in good faith and based on AVS’s knowledge and understanding of superannuation, taxation and other relevant laws and is believed to be correct at the time of writing the information. However as the laws, being dynamic by nature, keeps on changing, you should not rely on the information provided on this website without first obtaining advice from qualified professional.