The Federal Budget announced that non-residents will no longer be able to access the main residence exemption for Capital Gains Tax (CGT) purposes from 9 May 2017 (Budget night). Now that the draft legislation has been released, more details are available about how this exclusion will work.
Main Residence Exemption Removed for Non-Residents Read More »
Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a sale value of $750,000 or more is affected.
What Everyone Selling a Property Valued at $750K or More Needs to Know Read More »
Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications.
Super Concessions for First Home Savers and Downsizers Read More »
Last month, Parliament passed legislation that will see GST applied to all consumer imports regardless of their value. Currently, imports below $1,000 are excluded from GST.
GST on imports: new rules for goods under $1,000 Read More »
Generational succession – handing your business across to your kids or family – sounds simple enough. But, many families end up in dispute right at the point when the parents, business, and children are most vulnerable. It’s important that generational succession is managed as closely and diligently as if you were selling your business to a stranger to avoid misunderstandings and disputes – you need to make sure that everyone understands what the transition will mean and everyone is aware of their role and responsibilities.
Generational succession: Do your kids really want to take over your business? Read More »
The tax changes apply from July 1, 2017.
What did I miss? 1 July changes. Read More »
The popular $20,000 instant asset write-off for small business ends on 30 June 2017. This concession enables small businesses to immediately write-off depreciable assets which cost less than $20,000.
Why 90,000 more businesses can access the 20k instant asset write off this year. Read More »
Recent changes to State laws may trigger a surprise tax bill for family trusts (discretionary trusts).
State tax warning for family trusts Read More »
February and March are traditionally the worst cashflow months for small business – the Christmas rush is over, the Business Activity Statement is due, and payments slow down with a dip in consumer spending. You might be ok but your customers could be under pressure and often whoever wields the most influence gets paid first.
Managing the debt drain – the critical issues for small business Read More »
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