Super “opt out” choice for high earners

(16/08/2019) If you’re a high income-earner with multiple employers, you may be aware of potential traps with compulsory super contributions that can lead to some hefty and unfair penalty taxes. Fortunately, proposed new laws will give those high income-earners the opportunity to take proactive steps to overcome any penalties. A person’s concessional contributions (CCs) are […]

Drawing on super to buy your first home

(09/08/2019) Saving for your first home? In a market where owning your home is out of reach for many, the First Home Super Saver (FHSS) scheme offers some practical hope, allowing you to take advantage of your super’s tax concessions to build up and then access your super savings. The FHSS scheme is clearly for […]

Tradies – what can you claim

(19/08/2019) If you are a tradie and a small business owner, be certain about what you can claim on your tax return.   To claim business expenses: the money must have been spent for your business (not a private expense) if it is for a mix of business and private use, only claim the portion […]

Using prior tax losses after a change in control: ATO guidance

(09/08/2019) Until recently, a company that had experienced a significant change in ownership or control could only carry forward its earlier tax losses to a later income year if the company carried on the “same” business after the change. However, a new alternative test that applies retrospectively from 1 July 2015 means that now companies […]

Super and bankruptcy: can creditors access my benefits?

(02/08/2019) Superannuation is an effective investment structure for asset protection, but a questionable contribution could put some of your benefits at risk in the event of bankruptcy. Know the basic bankruptcy rules in advance to help you plan for long-term asset protection. The general rule is that your superannuation balance is protected in the event […]

Capital gains tax and death: it’s not the end of the world

(02/08/2019) There’s nothing as certain as death and taxes, but tax on death is not so clear. Generally, the law says there is no CGT liability for the deceased on the transmission of an asset, specifically a dwelling, to a beneficiary. The beneficiary is considered to be the new owner of the inherited asset on […]

TPAR is due on 28 August, are you ready?

(31/07/2019) Do you make any payments to contractors? Are you required to lodge a Taxable payments annual report (TPAR)? You may need to lodge a Taxable payments annual report (TPAR) by 28 August each year if you are a business provide: Building and construction services Cleaning services for contractor payments from 1 July 2018 (first report due by 28 August 2019) Courier services for contractor payments […]

Is your farm a hobby or a business?

(26/07/2019) As you sip a drop from the latest vintage you’ve crushed with the toes of your family and friends, is it possible that turning these vines into wine has ventured into primary production, and this happy hobby has become a business? How can you tell? Defining “primary production” and “business” is no problem. Figuring […]

26/07/2019: Is your farm a hobby or a business?

(26/07/2019) As you sip a drop from the latest vintage you’ve crushed with the toes of your family and friends, is it possible that turning these vines into wine has ventured into primary production, and this happy hobby has become a business? How can you tell? Defining “primary production” and “business” is no problem. Figuring […]

Valuing your SMSF’s assets: know the requirements

(19/07/2019) To keep your SMSF’s auditor and the ATO happy, it’s essential to take asset valuation seriously. By law, SMSFs must record all of their assets at “market value” – an important requirement that allows funds to accurately report the value of members’ benefits. Additionally, there are a number of SMSF investment rules that specifically […]