The term “dependant” can mean two different things in relation to superannuation and is defined differently under the SIS Act and under tax law. The SIS Act determines who can receive super directly from a fund without going through an estate (SIS dependants). Tax law determines who pays tax on the taxable part of such […]
State Revenue WA imposes land tax based on the total unimproved value as determined by the Valuer-General on all land held by the same owners each year. The assessment is based on your ownership of land at midnight 30 June of the previous assessment (financial) year. If you own more than one lot, your land […]
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 […]
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 […]
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. […]
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, […]
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 […]
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 […]
Most people know that main residence = exemption from Capital Gains Tax. But what happens if you start to rent out your home? You have the 6 year rule that you could potentially use. This will be covered in a future post. If you first rented your house after 20 August 1996 then the ATO allow […]
Francis A Jones
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