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Don’t ignore those tax debts: the ATO won’t!

Don’t ignore those tax debts: the ATO won’t! Whilst the ATO went out of its way to assist businesses doing it tough during the COVID lockdowns, a more robust approach to collecting outstanding tax debts now seems to be the order of the day. Other people’s money A major part of the tax debts of

Two “main residences” is possible

Two “main residences” is possible The CGT exemption for a person’s home is only available in respect of one home owned at any given time. In other words, you can’t get two main residence exemptions applying to two different homes at the same time. However, there is one exception to this rule – and that

Lost or destroyed tax records? Don’t panic!

Lost or destroyed tax records? Don’t panic! Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either paper or electronic) when moving home, or technology failures that end up with the

Give yourself a super gift this Christmas

Give yourself a super gift this Christmas Give yourself the ultimate gift that doesn’t cost a thing – a super to-do list which is a gift that will benefit you now and in the future. 1. Consolidate your super With over 10 million unintended multiple superannuation accounts, these multiple accounts are costing Australians an extra

How to nominate a superannuation beneficiary

How to nominate a superannuation beneficiary There are many types of nominations offered by different funds. Knowing which one suits your circumstances is key to ensure your superannuation ends up in the right hands. Types of nominations Individuals can direct or influence their superannuation fund trustee as to how they want their death benefits distributed

Qualifying as an interdependent or financial dependant

Qualifying as an interdependent or financial dependant A question that often gets asked when dealing with death benefit nominations is whether a person will qualify under the interdependency or financial dependency definitions. This is an important consideration as meeting the dependency criteria will enable potential beneficiaries to qualify as a dependant and therefore allow them

When two bonuses are not enough … Introducing the Energy Incentive!

When two bonuses are not enough … Introducing the Energy Incentive! If you’ve been putting off upgrading the inefficient office air-conditioner, a new 20% bonus deduction might just be the incentive you need to help beat the heat before it arrives with a vengeance! Whilst the small business Technology Investment Boost has now ceased 1

Who is a resident for tax purposes?

Who is a resident for tax purposes? A person’s residency for tax purposes can be one of the most difficult issues to determine in Australian tax law. And it is not just a question of whether a person is a ‘citizen’ of Australia. Moreover, it is highly relevant from a tax point of view, as