CGT & foreign residents: Complex rules apply! A person who is not a resident of Australia for tax purposes is nevertheless liable for capital gains tax (CGT) on certain assets located in Australia. And these assets are assets which have a “fundamental” connection with Australia – and are broadly as follows: ■ real property (ie,
The importance of “Tax Residency” Whether you are a resident or non-resident of Australia for tax purposes has significant consequences for you. Primarily, if you are a resident of Australia for tax purposes you will be liable for tax in Australia on income you derive from all sources – including of course from overseas (e.g.,
The CGT main residence exemption concessions are very useful Probably the most overlooked reason for the housing affordability crisis in Australia at the moment is the capital gains tax (CGT) exemption for a person’s home itself. But not this alone. Rather, it is probably the exemption in conjunction with all the various concessions a person
Can I add to my super pension? A common question that is often asked is whether amounts can be added to a superannuation pension account once it has commenced. The short answer Unfortunately, the answer is no. Although your pension account can continue to increase due to investment earnings, such as interest and dividends, any
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
The ATO is anticipating a significant upward spike in the number of businesses using eInvoicing over the coming 12 months. Learn why eInvoicing is faster, simpler and more secure.
Superannuation funds have recorded their worst performance since the GFC. What are your options if your super balance has suffered a decline?
Now that the financial year has come to a close, it’s a good time to check all things GST.
Income and tax deductions from rental properties is one of the four key areas that the ATO is focusing on this Tax Time.
Are you ready to take control and compare your superannuation fund’s performance against other funds? You might be in luck if you have a MySuper fund.
With interest rates increasing quite rapidly, homeowners are being encouraged to look around for a better deal on their home loan. ASIC has recently released some tips if you are doing so.
The ATO has released a tax time tool kit to assist businesses and TNR nail your 2021/22 business tax return.