A person who is not a resident of Australia for tax purposes is nevertheless liable for capital gains tax (CGT) on certain assets located in Australia. And these assets are assets which have a “fundamental” connection with Australia – … Read Full Story
Since 1 July 2024, the age at which individuals can access their superannuation increased to age 60. So what does this mean for those planning on accessing their superannuation upon reaching this age? What is preservation age? Access to … Read Full Story
Whether you are a resident or non-resident of Australia for tax purposes has significant consequences for you. Primarily, if you are a resident of Australia for tax purposes you will be liable for tax in Australia on income you … Read Full Story
A common question that is often asked is whether amounts can be added to a superannuation pension account once it has commenced. The short answer Unfortunately, the answer is no. Although your pension account can continue to increase due … Read Full Story
Tax file numbers (TFNs) are so much an everyday element when dealing with tax and the ATO that many taxpayers won’t give it a second thought when tax return software responds with an “invalid” message when a TFN is … Read Full Story
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
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