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

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)? Well, the answer will

Tax issues when dealing with volunteers From bushfire relief groups, sporting clubs, environmental groups, charity  associations and many more, volunteers are an indispensable workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there

Using super to pay the mortgage Have you reached preservation age and still have a mortgage? If so, you may be able to use your super to deal with your rising mortgage repayments if you meet certain conditions. Introduction The constant increase to interest rates over the last two years have left some borrowers strapped

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 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 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? 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