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.
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 following are the important ATO dates for this month.
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