One of the most common questions from those entering or nearing retirement is, ‘How much money can I have before it affects my pension?’ Our answer is usually derived from the total value of your savings, other assets and any income that might be earned from other sources. However, from 1 July 2023, the thresholds…
An additional 10% capital gains tax (CGT) discount may be available when you sell an Australian residential rental property that you used to provide affordable housing. This will increase the potential maximum capital gains discount percentage on your sale from 50% to 60%. What Is Affordable Housing? For the affordable housing CGT discount purposes, affordable…
In Australia, the Pty Ltd Company (proprietary limited company) is one of the most popular business structures chosen by entrepreneurs and business owners. Pty Ltd companies offer both distinct advantages and certain disadvantages that individuals should carefully consider when determining the most suitable structure for their enterprise. Benefits of a Pty Ltd Company: Limited Liability:…
A Self-Managed Super Fund (SMSF) is a unique and increasingly popular retirement savings vehicle. SMSFs offer individuals and families greater control, flexibility, and investment choices than traditional superannuation funds. In this article, we’ll explore what SMSFs are, how they work, their benefits, and some considerations for those interested in establishing and managing one. What is…
In the realm of tax law, a critical concept revolves around understanding the notion of “entities connected with you.” This concept serves as a linchpin in several aspects of taxation, from determining one’s status as a Small Business Entity to ascertaining the value of assets when seeking eligibility for Small Business Capital Gains Tax (CGT)…
Feel like your business is stuck in a rut? Are you unable to solve a problem that you know will cost you in the long run? Struggling to navigate your way through a difficult time? It might not be financially tanking, and it might not be that your revenue stream is down; however, if you’re…
When estate planning, most people focus on what will happen to their family and their assets after they pass, often neglecting to consider what would happen if they were to become ill or incapacitated. Falling ill can be a very stressful and traumatic time for you and your family, especially if you are the primary…
At the worst time of your life, the last thing you want to think about is tax. However, when a loved one dies, their affairs must be dealt with at some stage. This includes their tax obligations. You must lodge a date of death tax return if any of the following apply to the deceased…
