A recent tax case before the Federal Court serves as a reminder that a foreign resident can be liable for capital gains tax (CGT) on gains made on certain assets they own in Australia – albeit, in that case, the taxpayer was a foreign corporation that made a gain of some $950m in respect of...

This piece is aimed at self-employed clients, so if you’re a salary earner or a retiree you can safely move on to the next item. For others, it goes without saying that at tax time you should disclose all your assessable income and only claim legitimate business deductions. Failure to do so exposes you to...

In Australia, the law recognises that a will maker may sometimes fail to make adequate provision for close family or dependants. In that situation, certain people can ask the Supreme Court for a share, or a larger share, of the deceased’s estate. This is usually called a family provision claim or a claim against a...

Most of us keep a close eye on our bank accounts. But superannuation can be easier to lose track of, especially if you’ve changed jobs, moved house, changed your name, or simply set up a new fund and assumed everything followed you. That’s why the Australian Taxation Office (ATO) has issued a timely reminder. There...

There is much in the media about how the 50% capital gains tax (CGT) discount has contributed to the housing affordability problem in Australia (although no doubt the problem is a lot more complex than attributing it mainly to any taxation measure or measures). Nevertheless, the CGT discount looms large for anybody who owns assets...

If your SMSF owns a beach house, country cottage or apartment that feels like the perfect Christmas getaway, this is your friendly end-of-year reminder: you and your family can’t use it over the Christmas and New Year period, not even “just for a week,” and not even if it’s sitting vacant. It’s one of the...

Sometimes it can be, but only in limited circumstances. The tax deductibility of expenditure on clothing is subject to strict ATO guidelines. These cover occupation-specific clothing, compulsory or registered non-compulsory uniforms and protective items. Conventional clothing What you can’t claim is the cost of conventional clothing, even where your employer expects you to observe a...

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The Australian Taxation Office (ATO) has issued a warning after spotting a rise in people trying to access their superannuation early, and not always for the right reasons. While there are legitimate ways to access super on compassionate grounds, the ATO says some people are stretching the rules or even faking information to get their...

As Australians live longer, many older adults are looking for housing that supports a comfortable and connected lifestyle. Two of the most popular choices are retirement villages and land lease communities. Each offers its own mix of costs, benefits, and lifestyle perks. Retirement villages Retirement villages are designed for people aged 55 and over who...