Legislation giving effect to the government’s revised settings for the Stage 3 tax cuts has been passed by both houses of Parliament with the support of the Coalition. The stage 3 tax cut changes: Reduce the 19% tax rate to 16% for incomes between $18,200 and $45,000. Reduce the 32.5% tax rate to 30% for...

What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to declare for your rental property. Declaring income If you receive a payout for damage to your rental property as a result...

Many people gift assets to their family or friends to give them a helping hand. However care must be taken to ensure any gifting does not impact your current or future social security entitlements, such as the age pension. What are the gifting rules? For Centrelink purposes, gifting refers to selling or transferring income or assets...

Most people look forward to retirement as it is a chance to finally take time to relax, enjoy life and do things they never had time for when they were working. But sometimes things change and some people feel the urge to return to work. If a return to work is inevitable, it is important...

Collectables Capital gains tax does not just apply to “big ticket” items such as real estate, farms and shareholdings. It also applies to a special class of assets known as “personal use assets” and, in particular, those personal use assets known as “collectibles”. “Collectables” are specifically defined under the tax law to mean the following...

From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensable workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there are many hundreds of volunteers propping...

Unfortunately our financial institutions have not always acted as ethically as we consumers would like. Whether you’ve received bad advice or paid for advice you didn’t receive at all, our supervisory and regulatory bodies have sought not only to improve the system so it won’t happen again, but also to ensure that if you are...

There are many considerations when it comes to selling a family holiday home such as pricing, timing, marketing, and even whether to actually sell that special place that may have been full of wonderful family memories. But if you do decide to sell, the capital gains tax (CGT) consequences, and any special rules that may...

Wondering if your beneficiaries will pay tax on your superannuation death benefits? The answer is it depends on a number of important factors. Most people will have heard of Benjamin Franklin’s quote “in this world, nothing is certain except death and taxes”. He raises a valid point as the tax office will be ready to...

Whilst the ATO went out of its way to assist businesses doing it tough during the COVID lockdowns, a more robust approach to collecting outstanding tax debts now seems to be the order of the day. Other people’s money A major part of the tax debts of many businesses represents the temporary withholding of other...