| 6pm Tuesday May 28th – Tax Saving Seminar Reduce the cost of living Tuesday 28th May at 6.00pm for our annual tax planning session – Kingston Arts Centre – reply to this email to book in or let us know if you’d prefer a link to the recording after the event. Additionally, our newsletter will follow event with plenty of tips to save at tax time. 2024 Federal Budget Highlights Not a lot in tax to say other than a treasurers third budget in an election cycle is the pork belly budget (generosity for re-election) and the government was clearly conflicted in wanting to give but held in check by cost of living and inflation. In one hand they give and the RBA puts up interest rates which would have a stronger negative outcome. The only real new thing is everyone including those who don’t need it get a $300 break on their power bills ($325 for small business) during an election year and the continuation of the $20,000 instant asset write off for small and medium business. Cuts to student debts, stage 3 tax cuts for everyone all were well reported before last nights budget. All the documents are here: https://budget.gov.au/content/documents.htm 2024 Victorian Budget Highlights All about attempting to manage Australia’s biggest debt pile with no major new taxes as Victoria is the highest tax state already (can’t tax Victorian people much more) with some trimming in state spending, nothing too tax exciting to report (fortunately!). Budget papers at – https://www.dtf.vic.gov.au/state-budget/2024-25-state-budget Working from home changes Reminder; since 1 March 2023 there has been major changes to how we can claim. You need a recorded log of all the hours you worked from home is now required. Read More – https://ciatax.com.au/june-30-tax-saving-tips/ Sales, sales, sales Save 100% when you don’t buy anything discretionary. But it’s not 100% it’s much, much more – Invest savings for far more. You save much more than 100% when you avoid a spend! Watch Here: https://www.youtube.com/watch?v=3ooL4HHH1f4  Carbon Landscapes Join with us in our climate positive corporate social responsibility projects for more information visit us at www.carbonlandscapes.com.au  |
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TAX DEADLINES, LAND TAXES, RICHER PATHWAYS & OUR KOALA’S
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Tax Deadlines Traditionally tax has a May 15th deadline (for just about everyone) who was with an agent or on a tax agents listing for last year. What that means is time is rapidly running out if you haven’t yet lodged and it really is time to check in with CIA tax urgently and avoid unnecessary ATO scrutiny’s. Land Tax Pain It’s quite a year of shock for many receiving those dreaded State Revenue Office letters this year. Some are even land tax newbies receiving them for the very first time with the introduction of lower land taxing points. In the history of CIA tax we have never received so many contacts on this topic, even more so from Victoria with the introduction of the new COVID recovery land tax and an upcoming extension to vacant property taxes (holiday homes etc). You can dispute the taxed values, but generally most valuations are done conservatively and that is not easy to do. Regardless we do encourage everyone to not just accept the valuation, and do some research and test its validity. Land tax will not go away and it is time to consider or reconsider your asset investment classes. For example: We have been assisting impacted clients who are looking at selling down their rental property. Yes, that may mean paying some CGT tax (after reducing it as much as possible) to pay down their own home loans (non deductible / bad debt) reducing land taxes significantly and re-investing (deductible / good debt) into tax friendlier simple shares (like ETF’s) that have dividend income (with tax credits) and no compounding land tax issues. When you do the numbers it often makes a lot of sense. Going further and introducing a family trust at this point can also be a very tax efficient structure to go forward into the future with. If land tax is really effecting you, let’s do the numbers on your investments – it might just make sense for you to and help alleviate some of the pain. What is rich? • It’s the ability to have choices • Dr Stevism; Create a surplus & invest it • Surplus of 3 T’s = Time, Talent & Treasure • Key is to INVEST any surplus. Don’t waste it Video: How to rich – TODAY (youtube.com) Podcast: Stream How to rich – TODAY by Dr Steven Enticott | Listen online for free on SoundCloud Join us Koalas in our nature positive safe haven works! https://carbonlandscapes.com.au/ Contact us if you would like to get tax efficiently involved with us in looking after some of our most critical species.  |
Christmas Break – It’s summer, so start a business – Free start up mentoring – Buying a nature positive island
 2023 has been a huge year of change (once again) and it appears the interest rate rise cycle seems to have ended its run for a while and we go into 2024 with a sense of economic optimism, well we at CIA are anyway. CIA is closed from Friday 1pm on the 22nd of December until 9am Wednesday the 10th of January and we wish you all a wonderful and restful break. In 2024 we’d love to see many of our clients start a business no matter how big or small and to assist we will be doing free mentoring sessions over summer (contact Dr Steve: sje@ciatax.com.au for further details. To get you started here are 4 * one-minute clips to get your thoughts going over the summer break. Profits are better than wages: Wages are fixed • Profits are the gap between income and expenses • Opportunity to increase income and decrease expenses = for bigger profits. Video: https://www.youtube.com/watch?v=djbk9Yt7YGQ Podcast: https://soundcloud.com/user-207440115/profits-are-better-than-wages How to start a fun business: Pick something you love to do • Small scale commercialisation • Expand it. Video: https://www.youtube.com/watch?v=vWz3CUFzdDI Podcast: https://soundcloud.com/user-207440115/how-to-start-a-fun-business How to start a booming business: Make a list of consumer problems • Think tank the issues • Do the do-able solutions Video: https://www.youtube.com/watch?v=MopYKPnJ_48 Podcast: https://soundcloud.com/user-207440115/how-to-start-a-booming-business Start a business to sell a business: Staff buyout • Competitor buyout • New entrant targeting Video: https://www.youtube.com/watch?v=stXCX0y5xWg Podcast: https://soundcloud.com/user-207440115/cm-1610-moneymin-sellbusinessa If you don’t yet have a copy of Dr Steve’s business success book “The Man with a Plan” they are freely available to clients in the reception area of CIA tax. Safe Havens for Endangered Species – Buying Islands Another big year supporting CIA’s nature positive works at: https://carbonlandscapes.com.au/ Contact us if you would like to get involved!  |
Tax Season Due Dates (+ the Money Lucky Series)
| Tax returns are due end of October if you are not with a tax agent or were late in lodging last year’s tax return. The good news is if you are with CIA tax or join CIA tax before this deadline, we can add you to our late lodging lists and buy you some precious time: https://ciatax.com.au/october-tax-deadline/ Working from home (reminder!) The way you have been claiming home office (working from home expenses) has now significantly changed here are the new methods: https://www.ato.gov.au/Media-centre/Media-releases/ATO-announces-changes-to-working-from-home-deductions/ CIA tax – Ticker Tv Green screens are fun, never ceases to amaze us how well they work. Did you know that once in lifetime opportunities come along every 7 weeks (authors opinion) but are you spotting them? are you lucky enough? Well, the following four 1 minute clips below can attune you to those and help to change your mindset!  How to be money lucky #1 New Opportunities How to be money lucky #1 https://www.youtube.com/watch?v=bYgTB9vG-ss Dr Steven Enticott (CIA tax) & Mike Loder (Ticker News) aired 26th September 2023 How to be money lucky #2 Resilience Bounce How to be money lucky #2 https://www.youtube.com/watch?v=pa2oP1eUBJQ Dr Steven Enticott (CIA tax) & Mike Loder (Ticker News) aired 3rd October 2023 How to be money lucky #3 Opportunistic Optimism How to be money lucky #3 https://www.youtube.com/watch?v=Z5zhLRLgmlA Dr Steven Enticott (CIA tax) & Mike Loder (Ticker News) aired 10th October 2023 How to be money lucky #4 Action instincts How to be money lucky #4 https://www.youtube.com/watch?v=GmU3a8thFpE Dr Steven Enticott (CIA tax) & Mike Loder (Ticker News) aired 17th October 2023 Melbourne Cup Day Weekend To celebrate the end of the tax season intensities CIA tax will be closed for the 4-day cup weekend (that’s Monday 6th and Tuesday 7th November). Carbon Landscapes Nature is everyone’s business, and all industries rely on a healthy environment. Globally more than half of GDP depends on nature. We help great businesses better integrate nature to their business to benefit our natural environment. Join with us (and others) at CIA tax to contribute to our nature positive future. https://carbonlandscapes.com.au/  |
October Tax Deadline
Tax returns are due end of October if you are not with a tax agent (or were late in lodging last years tax return) the good news is if you join CIA tax before this deadline we can add you onto our client list and extend your tax lodgement dates (for most) well into next year. Spread the good news!