Probably the most overlooked reason for the housing affordability crisis in Australia at the moment is the capital gains tax (CGT) exemption for a person’s home itself. But not this alone. Rather, it is probably the exemption in conjunction … Read Full Story
T here can often be a fine line between whether a person is carrying on property development activities or is “merely realising an asset”. For example, it may not be clear whether the extent of a person’s development activity … Read Full Story
If you’re a high income earner, you may soon be asked to pay an extra 15% tax on the amount of concessional contributions that exceed the $250,000 threshold. What is Division 293 tax? Division 293 tax is an additional … Read Full Story
When hiring new staff, there are certain steps you should follow to cover your tax, workplace, and superannuation obligations. CONFIRM THEY ARE LEGALLY PERMITTED TO WORK IN AUSTRALIA Australian citizens, permanent residents, and New Zealand citizens are legally permitted … Read Full Story
Don’t be another victim – be on the lookout for scammers who call you about your superannuation! ASIC on the lookout The number of cold callers is on the rise. The Australian Securities and Investments Commission (ASIC) is urging … Read Full Story
It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However, some of these amounts may be used in other calculations and may therefore need to be … Read Full Story
The personal services income (PSI) rules apply to income that is earned mainly from the personal efforts or skills of a person. It does not matter whether the income is earned by the individual in their name or through … Read Full Story
Superannuation is often a key source of income when you retire so it’s important to ensure your investment strategy makes your retirement savings last for as long as possible Shifting investment strategy objectives As you approach retirement, your investment … Read Full Story
The Federal Budget for 2024-25 was handed down on Tuesday 14 May 2024. It contains a range of proposed measures across the areas of income tax, superannuation, tax administration, and related cost of living measures. Some of these may … Read Full Story
Your total superannuation balance (TSB) is an important concept as it impacts your eligibility for up to six favorable superannuation-related measures, including the following: Bring forward the non-concessional contribution (NCC) cap. Carry forward concessional contributions. Superannuation spouse tax offset. … Read Full Story
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