Because of the way that tax is applied to superannuation, savvy employees can actually turn what would have been a tax liability into extra super by making use of a salary sacrifice arrangement. Many workers can, by agreement with their employer, have money paid into their super fund from their salary before income tax is...

The small business sector has variously been described as the engine room of the economy as well as the biggest employer in the country – and it’s not hard to see why. Research shows that small businesses were responsible for generating around half of private sector employment. The Tax Commissioner Chris Jordan says that there...

The Commonwealth Seniors Health Card can give self-funded retirees who do not qualify for a government Age Pension or Department of Veteran Affairs payment the entitlements that others receive from the Pensioner Concession Card. The concessions and discounts that may be available include Pharmaceutical Benefit Scheme discounts, cheaper out-of-hospital medical expenses, concessional rail travel and...

Now and then it may be the case that you will have legitimate reason to complain about how the Tax Office has dealt with your tax affairs, and of course you have every right to do so. But disputes about tax assessments do not always have to end up in a court or a major...

Small businesses may be eligible for various concessional treatments for transactions that involve capital gains tax (CGT), which can reduce, defer or even eliminate CGT payable (see separate story on page 4). But the Tax Office says that some common mistakes keep occurring on a regular basis in applying the tests for eligibility to the...

Establishing an SMSF is a clear sign that you know the importance of planning for the future. But one other important consideration is to make sure you also plan for “after” the future – that is, for the time beyond your own lifetime. With so much money tied up in superannuation, and more and more...

Everyone who earns an income needs to pay tax, even teenagers – whether delivering papers, pizzas or working at the local supermarket. For minors (people under the age of 18) there are special tax rates that apply to any eligible income you earn. “Eligible” income includes any money you receive that you have not earned...

The cherry on top of your sensible decision to obtain quality tax planning or investment advice is to find that some of the costs involved are tax deductible. But while the tax law allows specific deductions for certain expenditures regarding your tax affairs, not all costs involved with seeking investment advice are deductible. Working out...

Putting your money into bricks and mortar has been a traditional stalwart of investing for generations of Australians. It continues to be viewed as a solid place to park spare cash and build wealth in the long term. For many years a lot of us seem to have heeded the quote attributed to Mark Twain:...

From July 1, 2014, a self-managed superannuation fund (SMSF) can only provide an insured benefit for a member for an event that is consistent with one of the below conditions of release of a member’s superannuation benefits: death terminal medical condition permanent incapacity (causing the member to permanently cease working), or temporary incapacity (causing the...