The coronavirus stimulus package A legislative package has been pushed through Parliament which contains a number of bills that implement the government’s economic response to the spread of the coronavirus. The relief package of legislation consisted of eight separate bills,…
The new JobKeeper wage subsidy package The government announced at the end of March a further massive subsidy for businesses to help them retain employees so they are ready to get back to business when the current coronavirus issues subside. …
If you own a marine vessel, perhaps a thoroughbred horse or two, have a piece of fine art hanging on a wall, high value motor vehicles in the garage or an aircraft in the shed, it could be time to…
There are very limited circumstances when you can access your superannuation savings earlier than when you meet what the ATO calls a “condition of release” — which for most people generally means achieving a certain age and retiring. The other…
What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to declare for your rental property. Declaring…
Legal changes just passed by Parliament require mortgage brokers to act in the best interests of consumers when providing consumer credit assistance or face much stronger penalties. These changes also reform mortgage broker remuneration by requiring the value of upfront…
The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received assent on 17 February 2020. The legislation includes a range of measures targeting illegal phoenixing including penalties for directors related to GST liabilities (making directors personally liable for unpaid GST…
If an Australian resident is considering selling property, they should apply for an ATO clearance certificate. If a property vendor does not apply for a clearance certificate and present it to the purchaser, the purchaser is required to withhold 12.5%…
ATO dusts off the “lifestyle asset” microscope If you own a marine vessel, perhaps a thoroughbred horse or two, have a piece of fine art hanging on a wall, high value motor vehicles in the garage or an aircraft in…
Increasing maximum SMSF members to six is still official policy The SMSF Association held its annual conference recently, which was addressed by Assistant Minister for Superannaution, Senator Jane Hume, who stated that it remains government policy to see an increase…