A welcome change to the cents-per-km deduction rate

It is official. The ATO has confirmed that the cents per km deduction rate will be lifted. 

Initially proposed to be $0.75, this figure has changed to $0.78 and it applies to eligible taxpayers who choose to use this method when calculating their work-related vehicle expenses. 

If you are unsure what method you have chosen or whether you qualify for this deduction, please do get in touch with us here at Glance Consultants so that we can discuss your personal situation to determine the best possible outcome for you.

The new deduction rate applies to the income year beginning July 1, 2022.

It’s important the ATO continues to monitor prices and potentially update the rate throughout the year due to increase in costs.

Other methods of deducting expenses could prove more tax beneficial for some taxpayers and so there is no need to rush into changing the way expenses are monitored just because this new and improved rate has become available. It is best to discuss your situation with our team, as the actual cost method might still suit you. 

As always, it is imperative that taxpayers remain diligent with record keeping to avoid ATO scrutiny and to obtain the ideal tax result.

Have a rental property? You should read this


Mistakes involving rental claims made up almost 20% of the total individuals-not-in-business tax gap for the 2018-19 tax period. That’s a whopping $1.6 billion. As a result, ATO audits have increased over the recent years.

The ATO have stated that the common issues involve record keeping, misstated income and deduction claims. 


Record Keeping:

These mistakes can be avoided by discussing matters relating to your rental property with your trusted tax advisor well in advance. If you’re unsure what records you need to be keeping, then do get in touch.


Misstated Income:

Overlooking payments and misstating your income is another common mistake. Even if you have a short term rental, such as with Airbnb, you need to be consistently declaring the income that you receive from it, as you would with any long term rentals. 

Should you hold onto any bond payments or get an insurance payout for your rental property, this too needs to be declared. 


Deduction Claims:

Recently, the law has been changed to not include deductions for traveling to a rental property except for commercial property.

Depreciation of assets in relation to a renovation of the rental property for example, also needs to be taken into account. In most instances, it is not possible to claim outright for renovation costs, but rather these costs would need to be deducted over the lifetime of the said asset.


Capital Gains Tax Update:

A capital gains tax (CGT) exemption is now in place for granny flats. There are eligibility factors in place for this. For example, there must be a written agreement allowing an elderly person the right to occupy the property for life. 

These are but a few of the points to be aware of as a rental property owner and it can become a little overwhelming. We can support you to ensure that you have the right documentation now and in the future to avoid ATO scrutiny. So make sure you speak with a professional advisor at Glance Consultants to ease the burden and ensure tax time is a breeze. 

Contact our friendly team of trusted advisors on 03 98859793 or at enquiries@glanceconsultants.com.au



Best 7 Initially Date Hints

First days can be nerve-wracking, but it’s important to remember that they’re a chance to decide if the person you’re conference is worth your time and efforts. If you adhere to few first of all date suggestions, you can make sure your experience is as great and enjoyable as is possible.

1 ) Get There Early on

Arriving punctually is a vital first date tip as it gives your date the opportunity to acquire comfortable with you before that they spend anymore time along. If you’re working late, explain so and enable them recognize how much time it is going to consider you to turn up.


2 . Leave just a little Room just for Spontaneity

We will not their own concepts of how an initial date should go, and it’s alright to be versatile https://asiansbrides.com/indian-brides in case the plans transformation. You and your date could decide to skip the artwork museum and head right for your favorite ice cream, or you might want to spend more time with the park. This can be an opportunity for you to find out more about your date’s personality and sense of humor.

3. May Talk About Personal Topics Immediately

It’s a good idea just to save serious topics, such as your ex, politics or religion, for later. You’ll probably realize that these are the topics that end up in heated debates.

four. Be a Little Sexy But No longer Overdo That

On your 1st date, you need to show your date that you can have fun. It’s a smart way to break the ice, and it assists you feel more relaxed and open.

a few. Be a Little Genuine but Kind

Being honest using your date is the foremost way to begin a romantic relationship on the proper foot. Don’t make any promises that you may not keep, and always be honest about how you feel in cases where things don’t work out within the first day.

6. Ask Questions Of the Pet Peeves

Everybody has their particular pet peeves, and you can conveniently learn what your date’s annoyances will be by asking them. This can offer you a better concept of how they manage stress or perhaps what kinds of actions they have fun with.

six. Smile A Lot And Be Laughty

If you’re having a great time and becoming genuinely funny, your day will feel that you’re a stunning person to get around. Having a laugh wholeheartedly will help you both unwind and truly feel more confident.

main. Don’t Corner Your Arms or Fuss about With Your Telephone

When you’re over a first particular date, it’s important to be present and involved in the talk. Looking around or fidgeting along with your phone can easily distract both you and make you seem to be unfocused.

Instead, good forward and make eye contact to signal that you’re interested in the actual have to say. These simple alerts can make the between an excellent or poor first time frame.

9. Avoid the use of Bad Terms

No one wants to be around someone who is constantly yelling or shouting at the date. It usually is uncomfortable, this means you will turn off the date.

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