InfoBase

Accounting & tax info, news and due dates

Check here regularly for all the latest tax information and news

What is Better – Drawings or Wages?

January 31, 2018

Clients often ask which is the best way to pay themselves from their company – drawings or wages? Here is an explanation of the differences. Drawings Taking drawings from your business is not a tax deductible cost – you should be aware that you will need to put aside a bit of money for income tax as well. For example say you take $800 …

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Buying a Commercial Property?

To get the best tax deductions available for depreciation on a commercial building fit-out you will need to: Have an independent valuer prepare a fit-out valuation immediately purchasing a property. They will need to provide a report that splits out fit-out items with the appropriate value for each item. Please note: If you don’t get an independent valuer to do this fit-out report you …

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What is a Dividend?

A dividend is an allocation of profits from a company to its shareholders. In small businesses it usually works like this – a company has made a profit for the year and paid income tax on that profit at the company tax rate of the time (currently 28%). The shareholders have not yet had the use of this money. When the shareholders decide they’d …

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Repairs On a Rental Property – Are They An Expense or Improvement?

You are only allowed a deduction for repairs and maintenance where the expenditure is required to maintain an asset in the condition it was initially acquired. If you add something extra to the house – this is likely to be an improvement and claimable for depreciation only. Please note however, that buildings with a life span of over 50 years are not depreciable for …

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Advertising and Commission Costs When Selling a Rental Property

If you pay costs to advertise the sale of your rental property, these are not claimable as an expense but will come off the sale price once the property is sold. This is the same for commission paid to an agent when selling the property – it will reduce the sale price.

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