If you’re a high-income earner with multiple employers, you may unintentionally exceed the super concessional contributions cap in any year, causing you to be liable for tax on your excess concessional contributions. To remedy this, laws have recently been passed to allow you to opt-out of super guarantee from some of your employers. The reason… Continue Reading
Category Archives: Tax
Going, going, gone! Main Residence Exemption removed for Foreign Residents
The Capital Gain Tax (CGT) exemption we all love and know has been abolished for most individuals who are non-residents for tax purposes at the time they sell their home. The bill effecting the change received royal assent in December 2019, meaning the changes are now law. Importantly, the changes have been applied retrospectively, with… Continue Reading
The Crowdfunding Craze – Implications for Promoters and Contributors
Crowdfunding is the process of raising small amounts of funds from a large number of people, primarily online, via social media and crowdfunding platforms like Kickstarter and GoFundMe. A recent example is Celeste Barber’s bushfire fundraising campaign on Facebook, which became worldwide news when it raised more than $51 million in a matter of a… Continue Reading
Tis the Season! Tax implications of Christmas festivities
Planning to celebrate the Season in style? With Christmas and the end of the working year right on our doorstep, most of us are floating in a sea of lunches, gift-giving and probably a few too many festive beverages! While we all know it as the Silly Season, there might be a Grinch-like part of… Continue Reading
Land Tax or Land mine? Changes to NSW stamp duty and land tax for discretionary trusts
The NSW government recently introduced a Bill affecting the application of transfer duty (previously known as stamp duty) and land tax surcharges to discretionary trusts that own or will own residential land in NSW. Surcharge purchaser duty and Surcharge land tax The surcharge on transfer duty (known as “surcharge purchaser duty”) and the surcharge land… Continue Reading
$10,000 cash payment limit expected to take effect from 1 January 2020
$10,000 cash payment limit expected to take effect from 1 January 2020 In the 2018-19 Budget, the Government announced it would introduce an economy-wide cash payment limit of $10,000 for payments made or accepted by businesses for goods and services. The announcement was made on the back of a recommendation by the Black Economy Taskforce… Continue Reading
“Where’s my refund?” and other questions about your 2019 Tax Return
Well, it’s that time of year again! And as you have no doubt heard in the media, the usual post-30 June rush of individual tax returns being lodged has been well and truly out-done this year. A record 650,000 people lodged their returns in the first week of July, many of them expecting a juicy… Continue Reading
ABN registrations under scrutiny: does yours stack up?
This year, the ATO has been focused on improving the integrity of the Australian Business Register (ABR). You may have even heard that the ATO has been “bulk cancelling” a large number of ABNs. So, what’s the problem and how might this affect you? When does the ATO cancel an ABN? Only entities that “carry… Continue Reading
To SMSF, or not to SMSF?
For many people, SMSFs are a great option for building retirement savings, but they are not necessarily suitable for everyone. Before setting up an SMSF, it’s essential to be fully informed about the pros and cons of an SMSF structure. There is no one right or wrong answer as to whether an SMSF is the… Continue Reading
Traps of the CGT Main Residence Exemption
The main residence exemption is probably the most well-known feature of the capital gains tax (CGT) system to non-tax professionals. In straightforward cases, a property owned by individuals and used as a main residence throughout the period of ownership will receive a full exemption from CGT when the home is sold. Just about every homeowner… Continue Reading
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- October 2022 Federal Budget
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- Greater Sydney COVID-19 Lockdown – What Government Support is Available?
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- The COVID-19 tax relief measures and support available for your 2021 tax returns!
- Government Grants Currently Available!
- 2021 Federal Government Budget
- Utilising taxable losses against prior year profits!
- The Benefits of Annual Tax Planning
- Xero Updates – March 2021
- Setting sales targets in uncertain times
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- Is your SMSF breaching NALI rules unknowingly?
- 2020 Federal Government Budget
- Jobkeeper – Nominate Additional Employees
- New options for claiming home office expenses during COVID-19
- COVID-19 effects on rental property owners
- Risks involved in consolidating super
- JobKeeper Payment: Eligibility Tests Clarified!
- NSW Government’s Economic Stimulus Package
- Rent relief for Businesses: The Commercial Tenancies Code of Conduct
- JobKeeker Payment – Government Clarifies Employer Eligibility
- JobKeeper Payment – The Next Round of Government Support!
- Second Government Coronavirus Rescue Package
- Government’s Response to Coronavirus Outbreak
- The Super Guarantee Opt-out is In!
- Going, going, gone! Main Residence Exemption removed for Foreign Residents
- The Crowdfunding Craze – Implications for Promoters and Contributors
- An Update from the 2020 Xero Roadshow
- Tis the Season! Tax implications of Christmas festivities
- Land Tax or Land mine? Changes to NSW stamp duty and land tax for discretionary trusts
- $10,000 cash payment limit expected to take effect from 1 January 2020
- Superannuation Guarantee Amnesty legislation re-introduced
- GST on Imports – Are you optimising your Cash Flow?
- ForPurposeCo. – The epitome of social enterprise!
- “Where’s my refund?” and other questions about your 2019 Tax Return
- ABN registrations under scrutiny: does yours stack up?
- To SMSF, or not to SMSF?
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