Tax guide on the National Disability Insurance Scheme The National Disability Insurance Scheme (NDIS) came into effect on July 1, 2013. Under the new system, disability support will be provided to eligible participants or their representatives on their behalf. The…
Private health insurance rebate: FAQs By now, most people would know that the private health insurance rebate is being income-tested – effectively meaning that if you have private health insurance, the rebate you are entitled to receive depends on your…
Private rulings: What they are, and how they can help Taxpayers with a concern that a particular transaction they intend on undertaking (or have undertaken) may give rise to an unanticipated tax outcome can apply for a “private ruling” from…
Timely tip for SMSFs: Audit your fund before annual return deadline Many of you may just be getting back into your regular routine, but one thing to take note of if you are a self-managed superannuation fund (SMSF) trustee is…
Talk of Australians’ rising life expectancy has been making headlines as of late. The latest data from the Australian Bureau of Statistics projects a “life expectancy at birth” age of 79.9 for men and 84.3 for women. But representative body…
The treatment of excess superannuation contributions has been a contentious issue for some years, with many people falling victim to the punishing excess contributions tax through inadvertently going over the limits. The reasons this can happen include an employer making…
Investors are frequently faced with questions and issues regarding the correct tax treatment of certain aspects of financial products, and sometimes the various features of these products. An important question that crops up on a regular basis is whether investors…
With the recent major bush-fires in New South Wales, the Tax Office implemented a freeze on the requirement for affected taxpayers to meet their tax obligations. Support measures included a blanket deferral of lodgement deadlines for tax returns and activity…
Small businesses may want to act now and bring forward their capital purchases if they still wish to utilize the instant asset write-off of $6,500 or the $5,000 motor vehicle write-off in 2013-14. The details of the government’s repeal of…
One of the big motivations for considering using a trust will be to protect assets. Property and other assets can be moved into a trust for protection from creditors, to maintain an estate until a beneficiary becomes old enough to…