Author: Sarah Wallace
Who is assessable on interest income? Those who “benefit”
It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the next generation. It is not so common however, among the warm and generous emotions that accompany such a gift to factor in the taxation obligations that...
The transitional CGT relief measure and your SMSF
Transitional CGT relief is temporary relief available to all complying super funds, not just SMSFs, for certain CGT assets that would otherwise give rise to a taxable capital gain through the necessary efforts to comply with the new transfer balance cap and new conditions to be applied to transition to retirement income streams (TRIS). Upon...
BONUS – Business tax relief package: What’s in it for SMEs?
Parliament has passed most of the business tax relief package announced in the last Federal Budget, but with some amendments. The legislation brings into effect the following changes for small business: Progressive cuts to the company tax rate: The tax rate will be progressively reduced to 27.5% from 2016-17 to 2018-19 for companies that are...
Company tax franking implications
The recent cut to the tax rate for incorporated businesses that turnover less than $50 million a year, while generally welcomed, can bring with it some important considerations when it comes to distributing franked dividends. The rate change to 27.5% is to be staggered, starting with companies that turnover up to $10 million a year,...
Business costs, and the deductibility of interest expenses
If a business racks up an interest bill from borrowing funds to pay for the expenses of running the business, or to acquire other income-producing assets or investments, this expense is generally allowed as a tax deduction for the relevant year. For business taxpayers under the accruals accounting method, a claim can be made for...
Are personal carer travel costs claimable? It depends
A recent court decision, and subsequent appeal, has ramifications for taxpayers with disabilities, and who are in need of a personal carer. The decision centres around what is or is not acceptable as a tax deduction in relation to the costs that arise with regard to that carer under certain conditions. The circumstances of the...
Selling up your business? Don’t forget the “going concern” GST exemption
The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold. The sale of a business may be GST exempt if the enterprise is deemed to be a “going concern” — which refers to an enterprise’s ability to continue trading. The...
The CGT implications of subdividing and building on the family property
Given the state of the property market in Australia these days, a not-uncommon situation can arise where a residential property owner seeks to demolish and subdivide the block containing the family home and build residential units. If you have the available land of course, this is a solid strategy. However it can cause headaches from...
Wallace Partners Client Information Newsletter May 2017
Wallace Partners Client Information Newsletter May 2017 Wallace Partners CIN May 2017
Action Required for Discretionary Trusts: Resolution to Distribute Income by 30 June 2017
Click here to access instructions and checklist : Resolution to distribute income (trust minute) Trustee(s) for discretionary trusts must resolve to distribute the income of the trust no later than the 30th June, 2017. The resolution formally documents in writing the decision of the trustee, determining which beneficiaries will receive the income of the trust and...