Frequently Asked Questions
If you’ve had to work from home due to Covid-19, you may be eligible to claim more costs on home office expenses in your next tax return. We can help you ensure you maximise your return on work-related mobile phone, home computer, printer, internet or other expenses.
At Delta Taxation, we will provide you with an easy checklist of what income, deductions, capital gains and other documents you need.
Deductions can include home office expenses, travel expenses, motor vehicle use, work-related clothing, insurance costs, ATO endorsed donations, and more! You can even deduct seeking our taxation management advice!
When you invest in rental property, you can claim tax deductions on
interest charged for loans, rental expenses, depreciation of building and fittings, loan costs, holding costs, and accounting costs. For more information, make an appointment with us. Not only can you access our professional accounting advice to help you reduce your tax, but our accounting fees are claimable as tax deductions.
If you’re a small business owner, lodging a company tax return can be a challenging and overwhelming task. Let us help you. Have you purchased any new equipment that would qualify for instant asset write off? Any bad debts to be written off? Any obsolete stock or equipment to be written off last financial year? Any disposed capital equipment? Let us walk you through the process step-by-step.
The Instant Asset Write Off scheme helps small business to claim the depreciation amount of company assets immediately, rather than over many years. As part of the government stimulus package, limits have recently changed, and more small businesses are eligible! Contact us to see if you can benefit from these changes.
Although the Instant Asset Write Off limits have recently increased, a car cost limit is now applicable. This means your car may not be ineligible. To find out more, call us to assess if your vehicle is eligible.
If you have been financially affected by Covid-16, you can access some of your superannuation, without having to pay tax on the amounts released. Eligible Australian & New Zealand citizens and permanent residents can access up to $10,000 of their superannuation until 30 June 2020, and a further $10,000 from 1 July to 24 September 2020. To apply for early release, speak to us to check if you qualify for this.
If you are an Australian Citizen, who has signed a contract between 4 June to 31 December 2020 to build your own home, you might be entitled to the Home Builder Grant. If you wish to explore this further, please contact us for more information.
A Family Trust is a discretionary trust set up to safeguard a family’s assets and/or business. Benefits of a Family Trust including: asset protection, minimise total tax paid, flexibility, succession planning, and access to the 50% Capital Gains Tax (CGT) discount. However, there are costs and caveats, which we can discuss further if you are interested.