Capital gains tax and losses are critical to any investment strategy, whether for business or personal investments. Selling an investment – such as property or shares – can lead to a large capital gains tax bill. This is also the case with other capital gains tax (CGT) events.

Maximising the benefits of a self-managed superannuation fund (SMSF) necessitates astute management; however, individuals may lack the requisite time and expertise to fulfil this. Consequently, engaging professional SMSF management and administration services can alleviate the burden of managing such a fund and ensure adherence to regulatory requirements.

Retirement planning steps will change throughout our careers. If you’re in your mid-30s to mid-40s and accumulating wealth with a view to retirement, it’s a critical time to think about your strategy and how much you’ll need to retire comfortably. While you still have many years to build up your retirement funds, making the right decisions now will help you maximise what you’ll get when it’s time to retire. In this article we will take a closer look at important retirement wealth factors to consider if you are in your 30s or 40s.

In this issue: As part of the Federal Government’s bid to modernise the Australian Business Register (ABR), all company directors – including directors of family trusts and SMSFs with corporate trustees – must apply for a “director ID”. Find out what dates to meet to avoid fines and penalties. A raft of new measures designed

In this issue: They say the two inevitable things in life are ‘death and taxes’, and in this newsletter we cover off both – as well as several updates on superannuation. In the world of tax, we examine how the CGT retirement exemption works where a gain has been made by company or trust

In this issue: 2021 has been, even more so than 2020, the year of working from home for so many of us – but what are the tax implications of using your home as a place of business? Turn to page 3 of our October newsletter to find out. On the subject of homes, we…

In this issue: How to treat work-related travel and living away from home costs; SMSFs and property development – emerging risks; Claiming GST credits for employee reimbursements; Buying a new house before selling the old one; Trust distributions to non-residents; and ‘Stapling super’ – reducing multiple accounts for employees. Please contact us for clarification, or…

In this issue: With reforms to superannuation – including for SMSFs – on the horizon, our leading article covers what’s coming, including more accountability for funds and flexibility for super holders. We’ve got two articles to help you understand how trusts work: ‘Trust distributions’ goes through the different roles involved in a trust, while ‘Trust…

Government agencies sometimes use ABN registration to contact businesses for emergency help or even grants of support, so it’s important to keep your business’s ABN details current. And the perennial problem of dealing with cash flow gets some advisory help from the ATO. A new Director Identification Number regime is something companies may need to…

The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021. It is designed to improve the prospects of young individuals getting employment, by incentivising employers to hire them, following the devastating impact of COVID-19 on the labour market.

The loss carry back measure introduced in the 2020 Federal Budget can be a very helpful COVID-recovery option. We run over the details. But if the COVID wash-up means you need to call time-out on your business, there are some important facts to know here as well. We also look at interest deductions available for…

Introduced with the Federal Budget, the “full expensing” 100% write-off of eligible business assets is a welcome measure that many business owners may want to take advantage of. Also, with the extension to the JobKeeper scheme, a set of alternative decline in turnover tests are now available, should a business not fit the general patterns…

We all understand that budgets are an exercise in predicting the future. Given what has happened in 2020, gazing into the crystal ball and extracting something reliable is fraught with difficulty. Extensions to the tax rate thresholds will give millions of taxpayers on lower incomes a much-needed boost after a very challenging year. The temporary…

The JobKeeper scheme has been extended, and there are some important changes that participants will need to know. In good news, the treatment of JobKeeper income has been clarified. We also look at two further data matching programs that have been launched, smooth concerns some may have had over the easing of loan repayment demands…

Payments such as JobKeeper and the cash flow boost are measures welcomed by many, however, they can also bring with them some unique taxation issues. We run over what to look for. Also tackled are claiming tax losses, where vehicles stand in relation to the boosted instant asset write off, the question of liquidity and…

The JobKeeper payment, which was originally due to run until 27 September, will now continue to be available until 28 March 2021. There will however be some changes to eligibility, as well as a tightening of payment rates. We run through the details. We also reveal a largely unforeseen danger for insurance cover in the…

We also consider the issue of passive income and where this figures when qualifying for JobKeeper. There has also been a temporary change made to bankruptcy laws because of the economic fall-out of COVID-19. We also consider the issue of passive income and where this figures when qualifying for JobKeeper. There has also been a…

There are many questions being asked lately about claiming expenses when forced to work from home over the COVID-19 period, plus a lot of concern about any consequent capital gains issues when later selling a property from which people have been coerced to work from during this time.