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...

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...

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 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...

What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to declare for your rental property. Declaring income If you receive a payout for damage to your rental property as a result...

Many people gift assets to their family or friends to give them a helping hand. However care must be taken to ensure any gifting does not impact your current or future social security entitlements, such as the age pension. What are the gifting rules? For Centrelink purposes, gifting refers to selling or transferring income or assets...

Most people look forward to retirement as it is a chance to finally take time to relax, enjoy life and do things they never had time for when they were working. But sometimes things change and some people feel the urge to return to work. If a return to work is inevitable, it is important...

Collectables Capital gains tax does not just apply to “big ticket” items such as real estate, farms and shareholdings. It also applies to a special class of assets known as “personal use assets” and, in particular, those personal use assets known as “collectibles”. “Collectables” are specifically defined under the tax law to mean the following...