Are you liable for CGT when selling an inherited property?
If you inherit a dwelling, there are usually no capital gains tax implications at the time you inherit it. Capital gains tax may apply when you subsequently sell or otherwise dispose of the dwelling.
Directors beware - ATO steps up its attack on unpaid PAYG and Super
In April 2013, the Australian Financial Review reported that the Australian Tax Office (ATO) was chasing up debts owed by directors. The ATO has now issued warning letters to directors of companies that have unpaid Pay As You Go (PAYG) withholding amounts and unpaid superannuation contributions.
How the 2013 Budget affects Individuals
The 2013 Budget has made many changes that are going to impact you as an individual. We have summarised the major changes in this article.
What does the 2013 Budget mean for Small Businesses?
This 2013 budget has really focused on reforms that affect individuals, as well as tax hits on large, multinational companies - so where does that leave you, the SME owner? Well, there aren’t too many changes that you’ll need to worry about, however if you were expecting any tax cuts then you’ll be disappointed. Below are a few of the major changes that could impact you as the owner of a small business.
Why it is a necessity to have a Will
A Will is one of the most important documents that you will sign in your lifetime. It is a document that states how you wish for your assets to be distributed after your death. A Will can also contain other provisions e.g. who will care for your children if they are under 18 at the time of your death; how your body will be disposed of after our death.
WARNING: AAT changes date of asset disposal
In a surprising turn of events, the AAT recently held in Confidential and Commissioner of Taxation [2013] AATA 76 that the date of disposal of a CGT asset occurred on the date that the Heads of Agreement was executed, rather than the date when the Contract for sale was executed some time later.
Watch your SMSF assets soar with investment properties
Australians love to combine their need to fund their retirement with their love for property. If you have a Self Managed Super Fund (SMSF), residential and commercial property are quickly becoming the fastest growing investment assets within this structure.
Operating your business as a partnership
Choosing which business structure to set up your business is a big decision. Each business structure has its advantages and disadvantages. Before making your final decision, it is important to undertake research to ensure you choose the best option for you and your business.
Long Service Leave Entitlements for Employees
Long service leave is a period of paid leave for employees who have been working for the same business for a long period of time. An employer is required to keep records of all leave taken by their employees. This includes all paid leave, such as long service leave.
Running your business as a sole trader
After establishing the four main types of business structures available to run your business it’s time to analyse the advantages and disadvantages of each. Before making your final decision, undertake research to ensure you choose the best option for you and your business.
