Trust structures and their use can often be misunderstood – we demystify some of the jargon. Why use a trust? Trusts are commonly used to protect assets, as property and other assets that are held by a trust have a level of protection from creditors. A trust can also maintain an estate until a beneficiary...

Nearly 80% of recently established self managed superannuation funds (SMSFs) operate under an individual trustee structure rather than a corporate trustee arrangement, according to statistics released by the ATO. Although the latter is the less utilised option, does that mean it is the less wise choice? We examine the pros and cons of each trusteeship...

The Restart program is a wage subsidy paid to employers that aims to assist mature age people participate in the workplace by encouraging employers to take on workers 50 years of age or older. The full rate of the Restart subsidy is $10,000 (GST-inclusive), paid to the employer. Mature age job seekers employed for at...

The end of the financial year is not all that far away. To help you to prepare for tax time, we provide our top 7 tips for your 2015-16 tax return. This list is not exhaustive, and we will need to review the items in light of your personal circumstances. Tip 1: Dividend Income We...

The current financial year is almost at an end, and with an election to be held two days later the recently announced federal budget measures will of course have no chance to take effect until some time into the next financial year, if at all. But in the meantime there are still many strategies you...

Finally, SMSF trustees can get some assurance of doing the right thing.  The ATO has released guidance on the arm’s length terms (commonly known as the “safe harbour” terms) when an SMSF acquires an asset under limited recourse borrowing arrangements (LRBAs). This has been a difficult issue for SMSF trustees to contemplate and be free...

While naturally the best advice for most taxpayers would be to not act on an anticipated change to the rules until the official stamp has dried, it is not entirely unheard of for some to be enthused enough about an expected change in tax law that they jump in feet first. The small business $20,000...

As the Australian population ages, and retirees become either fully or partially reliant on their own retirement savings instead of the government pension, the ability to manage those funds may be affected by one of the possible downsides of a long life. The possibility of declining health, both physical and cognitive, may be uncomfortable to...

Salary packaging is one way for an organisation to increase the take-home pay of its employees — and if done correctly, at no extra cost to the business but with a tax advantage to the employee. What’s salary packaging? Basically, an employee agrees with their employer to forego part of their future salary or wages...

Now that summer has come and gone, the ATO has been active in issuing reminders about the taxation issues surrounding holiday homes. The fact the ATO issues reminders is a sure sign that the topic is continuing to be a concern. Even though it is still some time before the owners of beach shacks or...