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Briefing a barrister

Briefing a barrister When you’re faced with a complex or high-risk question in tax or super, briefing a barrister can provide you with the expertise and perspective to help you move towards a solution with confidence. Barristers (who are also referred to as “counsel”) are independent specialists in court work and legal advice. There are

Super contribution caps to increase on 1 July

Super contribution caps to increase on 1 July For the first time in three years, the superannuation contributions are set to increase from 1 July 2024. CONTRIBUTION CAPS TO INCREASE Due to indexation, the contribution caps will increase on 1 July 2024 as follows: Concessional contributions cap – from $27,500 to $30,000 Non-concessional contributions cap

Don’t forget the CGT small business rollover

Don’t forget the CGT small business rollover For those who run a “small business” and decide to sell it, the various Capital Gain Tax (CGT) small business concessions are invaluable (as has been noted many times before). Of course, it is great if you can qualify for the “15-year exemption” concession because this will mean

Stage 3 tax cuts: A tax saving opportunity?

Stage 3 tax cuts: A tax saving opportunity? The stage 3 tax cuts 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 incomes between $45,000 and the new $135,000 threshold increase the threshold at which the 37% tax rate applies from $120,000

Collectables – and inherited jewellery

Collectables – and inherited jewellery 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

Compensation from your bank or financial institution – is it taxable?

Compensation from your bank or financial institution – is it taxable? 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

Returning to work after retirement

Returning to work after retirement 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

The taxation of super death benefits

The taxation of super death benefits 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

Taken goods for private use? Here’s the latest values

Taken goods for private use? Here’s the latest values The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes. This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more. The ATO regularly issues guidance for business owners on