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 to receive a death benefit. Interdependency relationship...

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 ceased1, not only can you still take advantage of the Skills and Training...

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 a person who is a resident of...

Young people who immigrated to Australia many decades ago are now, like other Australians, experiencing the death of their elderly parents and the inheritance of their assets – including the family home. But in this case the difference is that their parents may be foreign residents and the home located overseas. In addition, the estate...

Personal deductible contributions can allow individuals to claim a tax deduction for contributions they have made to superannuation provided they meet certain requirements. So what are these requirements and what should you look out for? Eligibility requirements You will be eligible to claim a deduction for your personal superannuation contributions if: You meet the aged...

The CGT small business concessions are invaluable to those who make a capital gain from a small business. They can eliminate a gain entirely; they can reduce a gain; and they can allow for the gain to be CGT-free if paid into a superannuation fund. But it is often forgotten that the gain can also...

Looking to boost your employees’ skills and your tax deductions at the same time ? Then keep reading to see if you could be eligible for the small business skills and training boost! If you run a small or medium business and are planning on investing in, or recently invested in, training your employees, taking...

For property developers – or would-be property developers – a recent decision of the Federal Court may be of interest. In Makrylos v FCT [2023] FCA 971, land acquired by a property developer was treated as trading stock from the date of its original acquisition, and not a later date proposed by the taxpayer. This...

Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you will be earning more income this financial year or if you have sold an asset this year and made a large capital gain. What...

Most businesses are familiar with how GST works. But here’s a few reminders to make sure you’re being compliant and maximising your GST claims. GST is paid at each step in the supply chain and business charge GST in the price of goods, services or anything else they supply. If an entity is registered for...