The Peter Vickers Business Group was founded in 1979 by Peter Vickers – a core strength from day one was accounting. In order to satisfy the needs of our clients we have grown to provide a comprehensive range of financial services. We provide these services to a broad range of clients, across a diverse range of industries and professions, both in Australia and overseas.
Personal Superannuation Contributions Deductions for personal superannuation contributions are now allowed for all individuals under the age of 75 (but those aged 65 to 74 must meet the work test). Previously, a deduction was only available to individuals whose employment income was less than 10% of their total income. There is a new limit of $25,000 for the 2017/18 year as concessional contributions, and $100,000 for non-concessional contributions. For those under 65 you can bring forward the next 2 years to make it $300,000. If you are aged 65 to 74 you need to meet the work test.
Rental Properties From 2017/18 tax year, travel expenses relating to inspecting, maintaining or collecting rent for residential investment properties are not deductible, unless you are carrying on a business of property investing. Deductions for depreciation will be limited to costs that the taxpayer actually incurred to purchase the plant and equipment in the current year, not to successive investors in the property.