Is there CGT when a property inherited from a foreign resident is sold? Am I liable for CGT on a home I inherited from a foreign resident when I sell it one year later? The following scenario demonstrates how the CGT rules work in this situation. I have just inherited my uncle’s home. He purchased...

A new law will level up the playing field for divorcing couples to ensure both partners have fair and equitable access to superannuation, particularly during acrimonious family court proceedings. For many Australians, superannuation is their second biggest asset aside from the family home. In a divorce situation, it’s important that both partners, including those with...

A recent Federal Court decision has put the spotlight on asset betterment – the controversial approach the ATO takes to determine undisclosed income. In the case of Le v Commissioner of Taxation [2021] FCA 303, the ATO used an asset betterment calculation to justify including an additional $4.5 million in the assessable income of a...

Many people living in Australia often have money remitted to them from overseas. Often this money is from relatives, friends or an “entity” to which they have a connection. However, even if such funds are merely loans or gifts, it’s time to be vigilant and to keep proper records. The ATO is now actively reviewing...

When do employee gifts and celebrations attract fringe benefits tax (FBT)? And when are they exempt? Christmas is traditionally a time of giving – including employers showing gratitude towards staff for a job well done. However, Christmas parties and gifts can attract the attention of the Taxman. In certain circumstances, an employer can hold a...

SMSF trustees must get ready to process rollovers via SuperStream by 1 October 2021. This means trustees will no longer able to send and receive paper rollover benefit statements and cheques between superannuation funds. SuperStream requires employers to pay superannuation and send employee information electronically in a standard format. This links the data to the...

Imagine you’re lucky enough to inherit, say, four post-CGT rental properties from a deceased parent – but what happens when your sibling also inherits a half-share of these? While you both acquire a very valuable 50% interest across four properties, it’s safe to say that in most scenarios, you’d both rather have a 100% interest...

The COVID-19 pandemic has resulted in more employees working from home than ever before. This, in turn, has resulted in such people being able to claim a range of deductions for various “running expenses” associated with working from home. These expenses include electricity, phone service, cleaning, decline in the value of equipment, furniture and furnishing...

Superannuation fund trustees who receive compensation from financial institutions and insurance providers must consider how receipt of these payments may impact a member’s contribution caps. A superannuation fund may have a right to seek compensation if it entered into a legal contract or agreement with a financial services provider or insurance provider, paid the fees...

Access our Wallace Partners Client Information Newsletter October 2021 below: Wallace Partners CIN October 2021