Not so many years ago a new scheme was introduced which also established a national register that could affect anyone who answers “yes” to any of the following scenarios — are you in business, and do you: sell goods on retention of title terms? hire, rent or lease out goods? buy or sell valuable second-hand...

Are you concerned about protecting your child’s inheritance from a future divorce or relationship breakdown? The truth is that you are not alone – many parents share the same concern. Tough times Many young people struggle to save a deposit to buy a home. By contrast, parents may be in better position to give their...

Many of us wonder about the best vehicle to use for our extra savings. Is it better to direct extra savings to your mortgage or superannuation? As with most financial decisions, there is no one-size-fits-all approach as it depends on a number of factors for each individual. Paying extra off the mortgage The priority for...

If you have had a rental or commercial property damaged by recent summer storms (or bushfires or floods) you may have received an insurance payout to cover the damage. You may be surprised to know that this payout is subject to capital gains tax (CGT) on the basis that it arises from your right to...

The NSW state Government is attempting to help with the housing affordability crisis by making areas around train stations and shopping centres eligible for rezoning for denser development. It will be important to see your tax adviser if you receive a generous offer from a property developer for your home (or rental property) as a...

If you own a family company, then it is very important how you receive and treat any payments made from the company to you (or your associates – for example, your spouse).  And this is simply because any payment from a company (other than a return of the original capital) is, in most cases, prima-facie...

What happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)? Well, the answer will primarily depend on whether the person...

With the end of financial year fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider before 30 June 2024. Tip 1 – Use the carry forward concessional contribution rules If you want to make up for lost time and make extra...

Access our Wallace Partners Client Information Newsletter April 2024 below: Wallace Partners CIN April 2024

There is expected to be a massive transfer of intergenerational wealth in the coming years with baby-boomer generation wealth being bequeathed. And according to the experts a lot of this wealth will be tied up in real estate, particularly the family home (which most of the baby-boomer generation have been able to afford). So, once...