Entries by Stacey Walker

Proposed changes to Division 7A

Following the 2018 – 2019 Federal Budget, the government has now deferred the start date of the proposed changes to Division 7A until 1 July 2020.  These amendments were originally to apply from 1 July 2019, which gives us another year grace period. Division 7A is one of the most complicated areas of tax law […]

Making a family trust election

Many trusts have the words “family trust” in the title but just because a trust is called the Smith Family Trust doesn’t mean it meets the ATO definition of a family trust. To be considered a family trust you must specifically make a family trust election on your trust income tax return. There can be numerous benefits to […]

Is there any GST when buying a commercial property?

Clients often ask if there is any GST when buying a commercial property. The GST treatment will depend upon the GST registration status of the seller. Normally attached to the offer and acceptance is a GST annexure. This annexure will stipulate how the GST will be applied. On commercial properties there are 3 possible outcomes. […]

What is an Enduring Power of Attorney (EPA)?

An EPA allows you to give someone the authority to deal with your finances on your behalf.  This is different to a “normal” power of attorney as it continues to operate should you suffer a loss of capacity to make decisions. A person appointed under an EPA is not permitted to make personal and lifestyle decisions, […]

Meal entertainment and FBT

Entertaining your employees and your clients is a great way to build rapport, say thank you or reward them for their efforts. And although it’s a necessary and important expense for many businesses, these benefits are partly diminished by the negative tax implications. Entertainment fringe benefits arise on food, drink or recreation provided to an employee […]

Capital Gains Tax – Main Residence Series: Changing Residence

Most people know that main residence = exemption from Capital Gains Tax. Usually you (and your spouse) can only claim one main residence at a time. If you are changing houses then for a limited time you can treat two dwellings as your main residence. The concept is that you can buy your new home first and […]