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Selling your home to a developer? Beware the tax consequences!

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

Family companies and the many tax traps

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

Six super strategies to consider before 30 June

Six super strategies to consider before 30 June With the end of 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. 1 Use the carry forward concessional contribution rules If you want to make

The tax treatment of compensation payments can be tricky

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

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

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

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

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