There 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 in respect…
There is no better way to exploit the CGT main residence provisions to increase the value of your home than by using the “building concession” to renovate your home. At the far end, this concession allows you to move out…
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 with…
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 included…
Click here for a pdf version of this article. Division 293 tax – will you be caught? If you’re a high income earner, you may soon be asked to pay an extra 15% tax on the amount of concessional contributions…
The increase to the superannuation guarantee (SG) rate from 1 July 2024 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30…
Make sure your SMSF investment strategy is on track and reviewed on a regular basis. Your SMSF investment strategy All SMSF trustees are required to prepare and implement an investment strategy for members of their fund. As the name suggests,…
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) are urging people…
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 own name or through…
The key CGT principle that applies on the death of a taxpayer is that there will be no CGT liability when an asset of the deceased ultimately passes to a beneficiary of the estate under the will. Of course, the…