New withholding rules on the sale of property by foreign residents have been introduced – which essentially makes purchasers tax collectors. The government says this has been necessary as foreign investment in Australia, including in residential real estate, is increasing at an unprecedented rate. The rules will apply where real property contracts are entered into...

Wrapping a car into a salary package is a very popular choice, and doing so as part of a salary sacrifice arrangement often raises the topic of novated leases. What’s a novated lease? Simply put, a novated lease is a way for an employee to buy a new or used car and have their employer...

Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable. Examples of assets that could qualify for tax deductions may surprise many taxpayers, and can even include items such as kids’ cubby houses or garden gnomes which form part of...

This non-exhaustive checklist is designed to provide an easy reference guide to the types of deductions that might be claimed by businesses. Note that these deductions may not necessarily be available, and before deciding on the deductibility of an outgoing, the business’s particular circumstances should be taken into account. All businesses are required to maintain...

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...