Young people who immigrated to Australia many decades ago are now, like other Australians, experiencing the death of their elderly parents and the inheritance of their assets – including the family home. But in this case the difference is that their parents may be foreign residents and the home located overseas. In addition, the estate...

Personal deductible contributions can allow individuals to claim a tax deduction for contributions they have made to superannuation provided they meet certain requirements. So what are these requirements and what should you look out for? Eligibility requirements You will be eligible to claim a deduction for your personal superannuation contributions if: You meet the aged...

The CGT small business concessions are invaluable to those who make a capital gain from a small business. They can eliminate a gain entirely; they can reduce a gain; and they can allow for the gain to be CGT-free if paid into a superannuation fund. But it is often forgotten that the gain can also...

Looking to boost your employees’ skills and your tax deductions at the same time ? Then keep reading to see if you could be eligible for the small business skills and training boost! If you run a small or medium business and are planning on investing in, or recently invested in, training your employees, taking...

For property developers – or would-be property developers – a recent decision of the Federal Court may be of interest. In Makrylos v FCT [2023] FCA 971, land acquired by a property developer was treated as trading stock from the date of its original acquisition, and not a later date proposed by the taxpayer. This...

Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you will be earning more income this financial year or if you have sold an asset this year and made a large capital gain. What...

Most businesses are familiar with how GST works. But here’s a few reminders to make sure you’re being compliant and maximising your GST claims. GST is paid at each step in the supply chain and business charge GST in the price of goods, services or anything else they supply. If an entity is registered for...

The ATO continues to see instances in which closely held groups seek to inappropriately divert profits to a related SMSF to access concessional tax rates. Taxpayer Alert TA 2023/2 outlines the ATO’s concerns with arrangements that it has recently identified in which the profits of a property development enterprise are diverted to a related SMSF through the...

SCENARIO: I run a small business that requires me to travel quite a lot, particularly to country areas where I will often stay overnight. To save on accommodation costs, I have purchased a caravan. I have a business logo on the side of the caravan that is on display when I attend town shows and...

The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more. However, the discount is only available to: individuals (but not foreign or temporary residents) complying superannuation funds (33% discount applies, not 50%)...