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 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 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
Welcome to the Tax Alert – all of the latest tax news, views and clues for this month.
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
The following are the important ATO dates for this month.
Don’t ignore those tax debts: the ATO won’t! 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
Classification of liabilities as current or non-current Key takeaways Right to defer settlement must have substance and exist at reporting date Only covenants that must be complied with on or before reporting date affect classification of liabilities arising from loan arrangements New disclosures introduced for non-current loans subject to compliance with covenants post balance date
Two “main residences” is possible The CGT exemption for a person’s home is only available in respect of one home owned at any given time. In other words, you can’t get two main residence exemptions applying to two different homes at the same time. However, there is one exception to this rule – and that
Lost or destroyed tax records? Don’t panic! Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either paper or electronic) when moving home, or technology failures that end up with the
The following are the important ATO dates for this month.
Give yourself a super gift this Christmas Give yourself the ultimate gift that doesn’t cost a thing – a super to-do list which is a gift that will benefit you now and in the future. 1. Consolidate your super With over 10 million unintended multiple superannuation accounts, these multiple accounts are costing Australians an extra