May 2024 Newsletter

May 2024 Newsletter

This month’s edition of our client newsletter includes an article on being aware of a partial capital gains tax (CGT) liability that may apply to you if you sell your main residence. 

This is followed by an item that explains why you should be wary of timing when making superannuation contributions this financial year. You may not realise it, but a contribution is deemed to be made at the time it is received by your superannuation fund, not when you process the transaction. For this reason, it’s best to allow plenty of time to make your superannuation contributions well before 30 June for your contribution to be received by your superannuation fund this financial year. 

For those who have rental properties, there is an important article which summarises the traps and pitfalls to be aware of as the ATO is currently on the lookout. This is because majority of residential rental property investors who have been audited have been getting their returns wrong. 

There is also an item on succession planning for family businesses. This may be of interest for families who plan on transferring their business onto the next generation.  

Finally, we provide an article which helps explain how myGov can help you keep track of your superannuation balance.

Contents

This edition features pieces on:

• Selling your home? Beware of a partial capital gains tax liability

• Take care with contribution timing this financial year

• Rental Properties: Traps and pitfalls

• Succession planning for family businesses

• How myGov can help you track your super