The Control of a Discretionary Trust may affect your CGT Liabilities

The CGT Small business concessions may reduce or eliminate a taxable capital gain a taxpayer makes when a CGT event happens in relation to a CGT asset.
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What if your Tax Records are lost or destroyed?

The Australian tax system relies on taxpayers self-assessing. This means that you are responsible for working out how much you can declare and claim on your tax return. You also need to be able to show how you arrived at these figures– in some cases you may be required to provide written evidence. The written evidence must be kept for a minimum of five (5) years. If you are a sole trader with employees or operate your business via a company you must keep the written evidence for seven (7) years. Learn more »

Landlord Insurance: What do you get?

Do you have an investment property which is being rented out to a tenant? Jessica and Daniel had purchased their first investment property in Sydney’s inner west. They had made many improvements on the property prior to leasing it out. Learn more »

Research and Development Applications due by 30 April 2015

The Research & Development (R&D) Tax Incentive is a targeted, generous and easy to access entitlement program that helps businesses offset some of the costs of doing R&D. The program aims to help more businesses do R&D and innovate. It is a broad-based entitlement program. This means that it is open to firms of all sizes in all sectors who are conducting eligible R&D. Learn more »

Tax planning in the light of the Temporary Budget Repair Levy

As part of the 2014-15 Federal budget the Government announced that it will impose a Temporary Budget Repair levy of 2% on that part of a person’s taxable income which exceeds $180,000. The legislation for this has passed Parliament and the levy now applies to the 2014-15, 2015-16 and 2016-17 financial years.
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What Happens when you Declare Bankruptcy

If you have become unable to pay your debts and you cannot make any suitable repayment arrangements with your creditors, then you may voluntarily lodge a petition to become bankrupt. When you declare bankrupt a trustee is appointed to administer your bankruptcy. This process may involve selling certain assets to repay creditors (individuals you owe money to). Assets are items of property that an individual owns which are considered to have value and can be used to meet debts or commitments (for example property).
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End of FBT Year – What do you need to do?

Fringe benefits tax (FBT) is a tax employers pay on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. Superannuation contributions you make to a superannuation fund for an employee are specifically excluded from FBT.
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Collectibles in Self Managed Superannuation Funds

What are Collectibles: Collectibles are personal use assets and include artwork, jewellery, boats, wine, antiques, artefacts, coins, medallions or bank notes, postage stamps, rare folios, manuscripts or books, memorabilia, motor vehicles and motor cycles, recreational boats, membership of sporting or social clubs.
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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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