Small businesses may be eligible for various concessional treatments for transactions that involve capital gains tax (CGT), which can reduce, defer or even eliminate CGT payable (see separate story on page 4). But the Tax Office says that some common mistakes keep occurring on a regular basis in applying the tests for eligibility to the...

Establishing an SMSF is a clear sign that you know the importance of planning for the future. But one other important consideration is to make sure you also plan for “after” the future – that is, for the time beyond your own lifetime. With so much money tied up in superannuation, and more and more...

Everyone who earns an income needs to pay tax, even teenagers – whether delivering papers, pizzas or working at the local supermarket. For minors (people under the age of 18) there are special tax rates that apply to any eligible income you earn. “Eligible” income includes any money you receive that you have not earned...

The cherry on top of your sensible decision to obtain quality tax planning or investment advice is to find that some of the costs involved are tax deductible. But while the tax law allows specific deductions for certain expenditures regarding your tax affairs, not all costs involved with seeking investment advice are deductible. Working out...

Putting your money into bricks and mortar has been a traditional stalwart of investing for generations of Australians. It continues to be viewed as a solid place to park spare cash and build wealth in the long term. For many years a lot of us seem to have heeded the quote attributed to Mark Twain:...

From July 1, 2014, a self-managed superannuation fund (SMSF) can only provide an insured benefit for a member for an event that is consistent with one of the below conditions of release of a member’s superannuation benefits: death terminal medical condition permanent incapacity (causing the member to permanently cease working), or temporary incapacity (causing the...

When it comes to collecting tax money owing, the Tax Office has considerable legal powers at its disposal. This isn’t all that surprising, given that government coffers would be empty were it not for the activities of its principal revenue collection agency. But just how far can the Tax Office go in its efforts to...

The Individual tax return 2014 for tax agents includes additional fields asking us to provide your email address and mobile phone number. The Tax Office states that this will enable it to directly contact you with any queries about your tax and superannuation affairs. Note however these fields are not mandatory, and can be left...

This year, the Tax Office will be turning its attention to the following emerging risks within the self-managed superannuation fund (SMSF) sector. Ensure you do not partake in any of the practices below or risk being caught in the Tax Office’s net. Dividend washing Dividend washing is a share trading strategy that enables a taxpayer...

The Tax Office has invited Australia’s small business owners to apply to join its new small business consultation panel. This has been built with an aim to help cut the red tape small businesses are saddled with and boost its efficacy when dealing with small business owners. The Tax Office is looking for small business...