Posted in Mortgages and Finance

From 1 July 2024 until 30 June 2025 the maximum claimable depreciation for motor vehicles has increased to $69,674 The limit for the 2024 FY was $68,108 If your vehicle purchase price is higher than the limit, the initial depreciation calculation is based on the purchase price or the limit, whichever is lower If the buyer of a vehicle is registered for GST then the limit excludes GST - if not, then the limit includes GST The personal use portion of the asset cannot be included in the de...

Recent research conducted by ASIC estimates more than 5 million Australians struggled to make loan repayments in the last 12 months, but many don’t ask for help. Asking for help with financial hardship is the first step ASIC MoneySmart has some tips for how to ask for help if you're experiencing financial difficulty  Step one is to contact your lender and let them know that you’re experiencing financial hardship Your lender must consider your request for assist...

Commencing 2024 FY through 2026 FY, the ATO will demand comprehensive data records from rental property bond authorities and novated lease companies: The ATO want to use the data obtained to match against taxpayer records and make sure all applicable tax is being paid ATO Rental Bond Data Matching ATO Novated Lease Data Matching Included in the data obtained from the rental bond authorities will be the rental payments If the rental payments don't match the income decla...

Many home loan lenders are now actively seeking new business and they are willing to pay for it.

Some lenders will offer up to $4000 cashback paid to the borrower if they switch their home loan.  The borrower can use this money for whatever purpose they deem fit.

The new home loan lender may also have low upfront costs as well (some don't even have an Application Fee), so the whole process may be very quick and easy and cost-effective. But make sure you check the home loan details ...