Helping your kids buy their first home using super If you want to give your children a head start on saving for their first home, the First Home Super Saver Scheme (FHSSS) is worth considering. It offers a tax-effective way for young people to grow a deposit more quickly and is open to anyone who
THE CGT RETIREMENT EXEMPTION CONCESSION: What a boon! If you run a small business and sell it – or some of its asset(s) – and make a capital gain, the CGT “retirement exemption” may be invaluable to reduce or eliminate the tax payable on the gain. T he funny thing is that you don’t have
Family trusts are great, but beware of disadvantages The tax advantages of using a family trust are well known – in particular, the ability to split income among family members so that a lower effective tax rate applies to the income. This is unlike the case where one person derives all the income or
CGT and off-the-plan purchases If you buy a property in an off-the-plan purchase, there are some important CGT issues to be aware of – especially in the context that an off-the-plan purchase may not actually settle until many months or even years after the initial contract is signed. The first thing to note is that
The following are the important ATO dates for this month.
The following are the important ATO dates for this month.
The following are the important ATO dates for this month.
30 June 2025 Tax & Super Checklist With the end of the financial year coming up, now’s a great time to get on top of your tax and super. A little planning before 30 June can help you make the most of any opportunities to reduce tax, boost your super, and avoid last-minute surprises. This
The CGT exemption for land adjacent to a home The rules surrounding the circumstances in which a home will be fully exempt from capital gains tax (CGT) are quite extensive – and complex. One crucial one is that the exemption is only available for a home and “adjacent land to the extent that the land
The following are the important ATO dates for this month.
Small-scale subdivision and property development So, you have decided to knock down your home and to build a couple of townhouses instead – and maybe live in one (but will just wait and see how things pan out). Likewise, you may have decided to subdivide your large backyard to do a similar thing. In another
Writing a will in a tax-effective manner When a person writes a will they usually leave their assets to their children – and usually in equal shares. And when they first write their will their children may be young – and they may also be relatively young when they later update it. However, there is