The new downsizer contribution, one of several measures announced in the 2017-18 Budget, is a great new opportunity for people aged 65 or over who can make a super contribution from sale of the family home and spend all that extra o
n a lifestyle to envy.
By Andrew Hayes, Director, Westlawn Business Services 30 April 2018 There are reasons that Bitcoin is the one cryptocurrency on the lips and in the virtual wallets of most investors, but the tax laws are still complex. Here’s how to ensure that you comply with ATO tax rules.
By Liz Maroney, Westlawn Financial Adviser SMSF Specialist adviser™ 13 April 2017 With the end of the financial year approaching, now’s the time to make smart decisions about your finances and get your end of financial year strategies in place.
The Tax Office recently refreshed its free ATO app to include the new myDeductions tool. myDeductions is designed to help taxpayers keep track of deductions by capturing expenses on the go. You can use myDeductions to keep records of: Work-related car expenses using point-to-point, odometer method or electronic log book. Work-related travel expenses such as […]
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, […]
You’re in your mid-50s and you suddenly realise that while your body and mind are fit and healthy, you can’t say the same for your superannuation. You decide it’s now time to give your retirement savings a kick-start before it’s too late. But how? Set up a self managed super fund, borrow money and invest in […]
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 have a taxable portion within your super fund, and most people do, using a withdrawal and re-contribution strategy can help ensure that you and your beneficiaries pay less tax on money from your self managed superannuation fund (SMSF). Generally, your SMSF super benefit comprises two components: 1. The tax-free portion, which comes from after-tax personal non-concessional […]
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 […]
