Capital Gain Tax is a tax applicable on the assets, which was acquired on or after 20th September 1985.

A capital gain or loss is the difference between cost of getting an asset and funds received on disposed.

If you made a capital loss in financial year then you cannot claim against income. However, it can be claimed to reduce a capital gain made in the same financial year. If capital loss is greater than capital gain then capital loss is carried forward for the future years and will be deducted against capital gain.

Common example of CGT is real estate or shares from where taxpayer makes capital gain or loss. CGT is also applicable on intangible assets such as business goodwill.

There are some assets that are exempted from CGT examples are as below

Personal home
Personal Car
Personal Furniture
CGT is also does not apply to depreciable assets used solely for taxable purposes such as business equipment.

Small businesses do get concessions when they sell the assets that they hold for more than 1 year. They get 50% discount and same implies to individuals as well.

Call Tax Accountants Lynbrook at 1300 300 106 for further information.

The super co-contribution is intended to aid eligible people to increase their retirement savings.

If you are considered as low or middle income earner and make self super contribution then Government will also make super contribution of maximum of $500 (2013/14).

The Government contribution depends on how much you contribute to your super fund. You don’t need to apply for Government co-contribution. Government has an eligibility criteria based on the information you provide in your tax return.

Eligibility criteria is as below:


• If you make one or more eligible personal super contribution to your super fund in the financial year.
• You must be below the high income threshold i.e. $48,516 for 2013/14.
• Your 10% or more of your earning comes from employment related activities or carrying on a business, or combination of both.
• You should not have Temporary visa at any time during financial year (New Zealand Citizens are eligible)
• Your fund should have TFN before you make personal co-contribution to your super fund.


You will not be allowed to any Government super co-contribution if you choose to claim your personal contribution as tax deduction in your tax return.

You will be able to claim a tax deduction for personal contribution if you are not an employee or small proportion of your income from the employment.

This include income from

• Personal business
• Investments
• Government pension and allowances
• Super
• Foreign source income

Call Tax Accountants Cranbourne at 1300 300 106 for further information.

DICTO is a non-refundable tax offset available to those who contribute to the maintenance of a dependent unable to work due to invalidity or carer obligations.


Eligible Dependant can be a taxpayers spouse, parent, child (aged 16 or over), brother or sister (aged 16 or over); taxpayer’s spouse’s parent, brother or sister (aged 16 or over); where the person receives a disability support pension or a special needs disability support pension or an invalidity service pension.


Please note dependant needs to be an Australian resident for the tax purpose unless they are taxpayer’s child or spouse.
If your Adjusted Taxable Income (ATI) is in excess of $282, then your dependant tax offset would reduce by $1 for every $4 the ATI exceeds that threshold.

Contact us today on 1300 300 106 to find out if you are eligible for DICTO and our Cranbourne Tax Accountant and Cranbourne Tax Agent Services.

You can claim deduction for

• Cost of room utilities such as gas and electricity
• Business phone cost
• Decline in value of office plant and equipment i.e. desk, chair & computers.
• Decline in value of curtains, carpets and light fittings.
• Cost of owning and renting the house i.e. rent, mortgage interest, insurance & rates)


You have a home work area

This means that your principle place of business is not at home but you have an area in your home which is exclusively made for business activities.

In this case, you can claim all the above listed deduction expect
• Cost of owning or renting the house i.e. rent, mortgage, interest, insurance and rates.


If you are at home but do not have home work area

This means that your principle place of business is not at home, nor do you have an area exclusively made for some business activity. For example, you work for few hours in the lounge room.

In this case you are able to claim all of above deduction expect
• Decline in value of curtains, carpets and light fitting.
• Cost of owning or renting the house i.e. rent, mortgage interest, insurance and rates.

Contact us today on 1300 300 106 for further information about our Cranbourne Accountant and Cranbourne Tax Agent Services.

Australian Defense force members may be able to claim certain expenses such as travel expenses including vehicle expenses, uniform, occupation-specific or protective clothing that may include laundry and dry cleaning. They can also claim mess fee, fitness fee, Extra Regimental Duties and related expenses. Nevertheless, other deduction may also include their work phone usage, travel, computer etc.


Relocation Expenses:
Deduction cannot be claimed for the expenses for relocating to a place close to a new place of work for instance expense of moving household items, even when required by your employer.

As alternative employees might be able to salary sacrifice tax effectively because of the FBT exemptions

Danger Allowance:
Some allowances might be received as a result of carrying out work that could be regarded as unpleasant, special or risky. Being in receipt of the allowance isn't going to automatically imply you are able to claim a tax deduction.

There are other tax deductions which you might be eligible for, contact us today on 1300 300 106 to find out about our Cranbourne Accountant and Cranbourne Tax Agent Services.

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