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 capital) is, in most cases, prima-facie...

What happens from a tax point of view when a person leaves Australia part-way through the income year? How is the income they derived before that time taxed? And how is any income they derived after that time taxed (whether from Australian or foreign sources)? Well, the answer will primarily depend on whether the person...

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. Tip 1 – Use the carry forward concessional contribution rules If you want to make up for lost time and make extra...

Access our Wallace Partners Client Information Newsletter April 2024 below: Wallace Partners CIN April 2024

There is expected to be a massive transfer of intergenerational wealth in the coming years with baby-boomer generation wealth being bequeathed. And according to the experts a lot of this wealth will be tied up in real estate, particularly the family home (which most of the baby-boomer generation have been able to afford). So, once...

The ATO has released findings on how much super from SMSFs has left the system before trustees have met a condition of release. Super must remain preserved One of the main features of superannuation is that you typically can’t access your money until you reach age 65 or when you retire after reaching your preservation...

When you’re faced with a complex or high-risk question in tax or super, briefing a barrister can provide you with the expertise and perspective to help you move towards a solution with confidence. Barristers (who are also referred to as “counsel”) are independent specialists in court work and legal advice. There are specialist barristers across...

For the first time in three years, the superannuation contributions are set to increase from 1 July 2024. Contribution caps to increase Due to indexation, the contribution caps will increase on 1 July 2024 as follows: Concessional contributions cap – from $27,000 to $30,000 Non-concessional contributions cap – from $110,000 to $120,000 The maximum non-concessional...

For those who run a “small business” and decide to sell it, the various Capital Gain Tax (CGT) small business concessions are invaluable (as has been noted many times before). Of course, it is great if you can qualify for the “15-year exemption” concession because this will mean that you won’t have to pay any...

Legislation giving effect to the government’s revised settings for the Stage 3 tax cuts has been passed by both houses of Parliament with the support of the Coalition. The stage 3 tax cut changes: Reduce the 19% tax rate to 16% for incomes between $18,200 and $45,000. Reduce the 32.5% tax rate to 30% for...