Welcome to the Tax Alert – all of the latest tax news, views and clues for July 2024. This Alert addresses: Tax time scams: Be on guard; Tax time 2024: Claiming working from home expenses ATO focuses on rental property owners’ tax returns; Tax time reminders for small business from the ATO; Scan alert: Fake
Don’t lose your super to scammers Don’t be another victim – be on the lookout for scammers who call you about your superannuation! ASIC on the lookout The number of cold callers is on the rise. The Australian Securities and Investments Commission (ASIC) are urging people to hang up on cold callers and scroll past
Making your super last in retirement Superannuation is often a key source of income when you retire so it’s important to ensure your investment strategy makes your retirement savings last for as long as possible. Shifting investment strategy objectives As you approach retirement, your investment strategy objectives may start to shift. In your younger years,
Welcome to the Tax Alert – all of the latest tax news, views and clues for June 2024. This Alert addresses: Get Ready For Tax Time 2024; ATO crypto data-matching program extended; Navigating complexities of crypto investments: SMSFS; Superannuation switching schemes and Investment Scams: What to look out for. Please contact TNR if you have
What’s not considered “income” by the ATO? It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations and may therefore need to be included elsewhere in your tax return. The ATO classifies
How myGov can help you track your super Keeping track of your superannuation balance is key as it impacts how much you can contribute to superannuation and whether you are entitled to other superannuation concessions and measures. Your total superannuation balance (TSB) is an important concept as it impacts your eligibility for up to six
Succession planning for family businesses For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include realising assets and
Rental properties: Traps and pitfalls Following the ATO’s claims that nine out of ten residential rental property investors who have been audited have been getting their returns wrong, it might be worth touching on some of the tax traps and pitfalls to be wary of. In no particular order, these include: Apportionment of rental
Selling your home? Beware of a partial capital gains tax liability! With the temptation for homeowners to cash in on spiralling house prices around Australia, it is important to turn your mind to whether you may only have a partial capital gains tax (CGT) main residence exemption available to you, and not a full CGT
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 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
Welcome to the Tax Alert – all of the latest tax news, views and clues for this month.