Whether your superannuation impacts your Age Pension depends on a number of factors, such as your age and your level of assets and income. Age pension age In order to qualify for Age Pension payments, you must have reached age…
Do you have your own business or are thinking of starting one? If so, you may need to pay yourself superannuation depending on your business structure. Types of business structures available If you were working for a company, your employer…
With many parts of Australia in the grip of a rental crisis, a significant number of tenants may be residing in the properties of friends and relatives. A recent case that came before the Administrative Appeals Tribunal (AAT), Rizkallah and…
It’s quite common for individuals to subdivide land they own, and then sell off one of the blocks. Depending on the circumstances, this can have capital gains tax (CGT) and GST implications. Capital gains tax If you subdivide a block…
Click here for a pdf version of this article. Business and Individual Taxation The confirmation of lucrative income tax cuts, and the scrapping of a tax offset for low and middle-income earners were the big-ticket items. That said, labor’s first…
ATO tax time focus for small business The ATO has released a tax time tool kit to assist businesses and us as your tax advisor to nail your 2021/22 business tax return. The ATO has also flagged what it will…
Click here for a pdf version of this article ATO Prioritising Debt Collection As the economy emerges from COVID-19, the ATO is re-focusing on debt collection. During the pandemic, the ATO deliberately shifted its focus away from firmer debt collection…
Did you know you could invest the proceeds of the sale of your family home to your superannuation, depending on your age and circumstances? What is a downsizer contribution? From 1 July 2022, if you’re aged 60 years or older…
The ATO has just updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, there is a potential that the ATO may take an unfavourable…
Are you a small business owner selling your business or disposing of an active business asset? If so, did you know you might be able to disregard some or all of any capital gain by putting the proceeds into superannuation? …