The recent passage of the Social Services and Other Legislation Amendment Bill has given rise to changes across a range of entitlements. Due to the delayed passage of the bill however, several amendments will take effect from a later date than initially proposed. We run through the various changes below and what they mean for...

Every couple’s “big day” will of course be marked more by flying champagne corks and numerous speeches of questionable quality, instead of the tax implications that go along with swapping rings. Having a general understanding of what it means to be a “spouse” under tax law can change the approach taken to certain financial arrangements,...

Last month, we compiled a guide on the questions you have to ask yourself before deciding to establish a self-managed superannuation fund (SMSF). But what if you already have one that you want to wind up? There could be many reasons you may need to wind up your SMSF: there are no members left –...

Did you know that the present $25,000 concessional contributions cap will increase to $30,000 come July 1, 2014? Many will welcome the $5,000 rise, seeing the cap of $25,000 has been in place since 2009-10. The imminent increase will bring about a range of changes to various contribution strategies for self-managed superannuation funds (SMSF) members...

The Tax Office has recently issued a tax determination to guide business owners on the value it expects will be allocated to goods taken from trading stock for private use for the 2013-14 income year. The table below should be used to work out these values. The basis for determining values is the latest Household...

While many of us may feel that we’re already paying enough to the taxman, recent Organisation for Economic Co-operation and Development (OECD) data reveals that Australia is in fact the fifth-lowest taxed nation of the 34 OECD member countries. (Statistics are taken from 2012 or the latest available year.) Australian total tax revenue was measured...

The term “asset class” describes a set of investment options that are grouped into a similar area or type. The main asset classes are cash, fixed interest, property and shares.  There is also a group of investment products that have tended to be labelled “alternative” as they don’t readily fit into the parameters of the...

Eligible businesses should be focusing on the preparation and registration of any research and development (R&D) tax incentive claims for the 2012-13 financial year, as the deadline for doing so (April 30, 2014) is fast approaching. Registration of claims for the R&D tax incentive can take place up to 10 months after the financial year...

There are some new rules being introduced after July 1 this year that will affect SMSF trustees: the SMSF registration and rollover process will be amended to reduce the instances of funds being illegally released from SMSFs proof of identity checks will be required for all people joining an SMSF, whether they are establishing a...

The superannuation and tax provisions offer incentives for Australians to save for their retirement. These savings may be handed over, typically to a public offer fund to manage on one’s behalf, or they may be managed directly by you. Managing your own retirement savings however is a huge responsibility and one that should not be...