Most people think of superannuation as money they can’t touch until retirement, but there are important exceptions. One significant exception is the permanent incapacity condition of release, which can allow people who are totally and permanently disabled to access … Read Full Story
No doubt noting the growing trend for people to rent out property for short-term accommodation, the ATO has withdrawn a 40-year old ruling and replaced it with a new draft Taxation Ruling accompanied by two draft Practical Compliance Guidelines … Read Full Story
This piece is aimed at self-employed clients, so if you’re a salary earner or a retiree you can safely move on to the next item. For others, it goes without saying that at tax time you should disclose all … Read Full Story
In Australia, the law recognises that a will maker may sometimes fail to make adequate provision for close family or dependants. In that situation, certain people can ask the Supreme Court for a share, or a larger share, of … Read Full Story
Most of us keep a close eye on our bank accounts. But superannuation can be easier to lose track of, especially if you’ve changed jobs, moved house, changed your name, or simply set up a new fund and assumed … Read Full Story
There is much in the media about how the 50% capital gains tax (CGT) discount has problem in Australia (although no doubt the problem is a lot more complex than attributing it mainly to any taxation measure or measures). … Read Full Story
If your SMSF owns a beach house, country cottage or apartment that feels like the perfect Christmas getaway, this is your friendly end-of- year reminder: you and your family can’t use it over the Christmas and New Year period, … Read Full Story
Sometimes it can be, but only in limited circumstances. The tax deductibility of expenditure on clothing is subject to strict ATO guidelines. These cover occupation-specific clothing. compulsory or registered non-compulsory uniforms and protective items. Conventional clothing What you can’t … Read Full Story
In contrast to holiday homes, what happens where you use all or part of your home to produce assessable income? Well, there will be important capital gains tax (CGT) consequences – the most important of which is that you … Read Full Story
With summer just around the corner and beach holiday homes back on the agenda, perhaps it is time to revisit a few tax matters about their use. And the big issue is how you claim expenses if your holiday … Read Full Story
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