articles
Six super strategies to consider before 30 June
With the end of the financial year fast approaching, now is a great time to boost your superannuation savings and potentially save on tax. Below are six superannuation strategies to consider before 30 June 2024. Read more...here.
Important tax residency issues to consider
What happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)? Find out...here.
Family companies and the many tax traps
If you own a family company, then it is very important how you receive and treat any payments made from the company to you (or your associates - for example, your spouse). And this is simply because any payment from a company (other than a return of the original capital) is, in most cases, prima-facie a dividend in the hands of the recipient - however it may otherwise be classified. Read more...here.
Selling your home to a developer? Beware the tax consequences!
The NSW state Government is attempting to help with the housing affordability crisis by making areas around train stations and shopping centres eligible for rezoning for denser development. It will be important to see your tax adviser if you receive a generous offer from a property developer for your home (or rental property) as a result of this rezoning. And not just if you live in NSW. Read more...here.
The tax treatment of compensation payments can be tricky
If you have had a rental or commercial property damaged by recent summer storms (or bushfires or floods) you may have received an insurance payout to cover the damage. You may be surprised to know that this payout is subject to capital gains tax (CGT) on the basis that it arises from your right to seek compensation (being a CGT asset itself). However, the tax law and the ATO will treat it concessionally depending on what exactly the payout is for and how it will be used. Read more...here.
Mortgage vs super: Where should I put my extra cash?
Many of us wonder about the best vehicle to use for our extra savings. Is it better to direct extra savings to your mortgage or superannuation? As with most financial decisions, there is no one-size-fits-all approach as it depends on a number of factors for each individual. Read more...here.
you may have received an email like the one below from the tax office
The Tax Office is pushing on with its move towards eliminating communications via the Post. If you lodge any activity statement or related document electronically, whether via us as your tax agent or using the Business Portal then the Tax Office will work on the basis that all future communications related to BASs, IASs, PAYG instalment notices, etc. will be via electronic means. The same result will occur if you link your myGov account to the Tax Office.
If you expect to receive a quarterly BAS/IAS/PAYGI notice and you haven't by two weeks before it is due for lodgement/payment please contact us to confirm your contact details with the Tax Office or to organise the restoration of supply of hard copy statements via the Post.
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