There are many ways in which taxpayers can defer income, maximise deductions and take advantage of other tax planning initiatives to manage taxable income. In order to maximise any of these opportunities, start your year-end tax planning now with better financial advise. Of course, whenever undertaking tax planning, be aware of the potential application of […]
If you’re running your own business, there could be some tax concessions if you’re proactive about growing your retirement savings through super. If you are self-employed or a partner in a partnership, you won’t get Super Guarantee (SG) contributions from an employer. This means you’re responsible for making sure your super balance grows. While it’s […]
With the end of financial year just over 6 weeks away, we highlight 5 effective EOFY strategies you can implement now to help you reduce tax, save money and build your super nest egg for retirement. Have an investment property? You’ll need to know what you can claim this financial year. And if you’re self-employed, […]
The range of granny flat scenarios in Australia is quite extraordinary – from the garden variety to homeowners building granny flats in their backyards and leasing them out, almost like a business. While it may not be possible to deal with all possible scenarios, let’s look at the capital gains tax (CGT) consequences of some basic […]
If you’re a small business owner and sell an asset you’ve owned for at least 15 years before the sale, you may qualify for the capital gains tax (CGT) 15 year exemption rule. But to qualify for this exemption, you must meet stringent rules related to small business tax relief. Under the 15 year exemption […]
Let’s say you’ve been living in your only home for many years but now you want to move to a smaller place. You’ve built up quite a bit of equity and you’re likely to receive a large profit when you sell. Will you have to pay capital gains tax (CGT) on the money? Generally speaking, you won’t […]
