Articles

Articles


On Board with Xero

We're switching to Xero this year


we are leading the way

The accounting world is changing, and at Wheatcrofts we’re determined to make the most of new technologies as they emerge. In recent years there’s a multitude of new products and technologies which have not only changed the accounting industry, but also the ways in which we can work with our clients.


we are online everywhere you are

Wheatcroft Accounting is online everywhere you are! Whether you prefer email, facebook, google drive, dropbox, skype, or hangouts, you'll find us right there with you.


Year End at Wheatcrofts

We’re just finishing up a huge year here at Wheatcrofts. Not only have we been busier than ever, but we’ve also been busy making some big changes to the way we work, to make it easier for us to take good care of our clients.


medicare levy exemption certification

Whilst it can be a fairly simple process to acquire a medicare levy exemption certification, it does take some doing, and can take some time. If you are eligible, then it is absolutely worthwhile.


subdivide your principle place of residence

You probably already know that your principle place of residence is exempt from capital gains tax. Unfortunately, once you subdivide, only one property can be exempt as your principle place of residence, so the other property (or properties) will not be exempt when sold.


water rates

Tax deduction for water rates on rental property.


repairs vs improvements

Understanding the difference between repairs and improvements is a common point of contention. This article gives a short explanation of what sorts of expenses belong in which category, and a brief explanation of their treatment for tax purposes.


repairs and maintenance

Repairs and Maintenance can be fully depreciated in the year in which the expense is incurred. This article explains what sorts of items can be claimed as Repairs and Maintenance.


depreciation construction

Depreciation on construction costs is treated differently to either items, it also has important ramifications for future capital gains tax.


land tax

Land tax is a state tax, and is thus calculated and applied differently in different states.


depreciation capital

Depreciation on capital items is treated differently to construction costs and is an important rental property deduction.


home first used to produce income rule

A simple explanation of the often overlooked 'home first used to produce income rule'.


home office expenses

You are entitled to claim a portion of your home office expenses against your rental property income. This article explains how to calculate those deductions.


borrowing costs


national rent affordability scheme

Whilst the National Rent Affordability Scheme was introduced some time ago, it has only recently become accessible to private investors.


council rates

Tax deduction for council rates on rental property.


PAYG variation

We submit an application to the tax office with all of the details of your income and deductible expenses. Providing the application is approved, the tax office will then notify your employer of the variation, and ask them to withhold a more appropriate amount of tax from your salary every week or fortnight.


property management

Property managers and property management agencies charge all sorts of fees and itemise them on your annual rental statement. This article details how to deal with each of those items.


rental related travel expenses

It should come as no surprise that rental related travel expenses are tax deductible. Most of you will already realise that the costs associated with any one trip, need to be apportioned between rental related and private purposes. However its worth knowing how the deductibility of such a trip would be calculated, and how you can maximise your deductions.