What is an Affidavit?

An affidavit is a formal written document which describes a person’s own account of events in a prescribed format. A person making the affidavit is called a ‘deponent.’
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Importance of Tax Planning for the Terminally Ill

Tax planning is significant at any stage of your life. It is particularly important if you have been diagnosed with a terminal illness. Organising the financial affairs prior to passing away will help the executor of your Will to administer the estate more successfully. There are many issues to consider, however careful planning will heighten the chances of your instructions coming to fruition.
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Family Companies may Impact on Eligibility Tests for the Centrelink Age Pension

Later in your life the government provides age pension to ensure that elderly people have a minimum level of income to meet their retirement living expenses. To be eligible for an age pension you have to pass three tests. Age-test eligibility for the age pension is satisfied if you are a resident of Australia and have reached 65 years. In order to determine how much benefit you are entitled to receive the assets and income tests are used. The test that provides the lowest pension entitlement applies.
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BEWARE: Trust Deed Vesting Date

Unexpected tax liabilities for the beneficiaries of a trust

A Trust is one of the most common business structures in Australia. It has certain tax advantages; it helps to transfer wealth between the generations and it provides asset protection. A trust is set up through a trust deed which defines its terms. However, many people do not realise that the trust has an “end date” called “vesting date”.

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Are you a Share Investor or a Share Trader?

There has been continuous debate on how to treat a taxpayer who buys and sells shares. Is he a share trader or a share investor (share holder)? The distinction is crucial for tax purposes; in particular, how to account for losses arising from share trading activities.
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Preparing a Risk Management Plan for your Business

Businesses across the board work day to day with a number of potential risks – from big ones like an unstable economy and ever changing technology, so more mundane ones like power failure and litigious staff members – so having a risk management plan in place is vital to keeping things running smoothly should something go awry.

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ATO uses a Benchmark Audit to Tackle Cash Economy

Businesses that deliberately hide income to avoid paying the right amount of tax or superannuation are part of what the ATO calls the cash and hidden economy.

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Expenses Incurred by Retirement Village Operators

Generally, you can claim a deduction for most expenses you incur in running your business as long as they are directly related to earning your assessable income. Working or operating expenses (for example, advertising or accounting fees and wages) can be claimed in the year you incur them. However, capital expenses (such as buying plant and equipment) are claimed over time.
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BEWARE: Donations to Charities from a Testamentary Trust are not Tax Deductible

Generally, when a taxpayer makes a donation (cash or property) to a charity or other deductible gift recipient (DGR) they could claim a deduction. However, if it is a testamentary gift, the deceased estate cannot claim a deduction. Therefore, if you consider making a donation to a charity, it is better done during your lifetime.
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Annual GST due on the 28th February

The deadline for annual Goods and Service Tax (GST) returns is fast approaching. You can either lodge your GST return monthly, quarterly or annually depending on your eligibility. If your business reports annually, you must complete the return to report GST by the 28th of February and calculate the amount you owe the Australian Taxation Office or the amount they owe you.
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