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Did you know, according to Ms Sharkie, the federal member for Mayo, “there are at least 2.4 million workers in this country who have been underpaid their super.” If Ms Sharkie is correct, that is massive. Considering Australia has a workforce of approximately 12.5 million people, that represents a staggering 19.2% of us are short… Read more »

ATO Investigation Powers: Division 353 Notices

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Division 353 of the Taxation Administration Act 1953 (Cth) gives the Commissioner extensive access and information gathering powers which are often used at the outset or in the process of an investigation into a taxpayer’s affairs.  The ATO can use these formal powers to obtain specific information or documents from not only a taxpayer but… Read more »

As from 1 July 2017, the threshold at which the additional 15% Division 293 tax applies on concessional contributions is lowered from $300,000 to $250,000. An individual’s ‘income’ from Division 293 purposes includes not only taxable income, but also any total net investment loss (‘TNIL’).

Should you buy your investment property in your own name or your SMSF?

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There is no one size fits all answer to the above question. The answer will depend on your individual goals and objectives. Below we provide a snapshot of the advantages and disadvantages of each option. Buying the property in your name Advantages All proceeds from the sale of the property will eventually go to you.… Read more »

The Validity of an Informal Will

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An informal will is a document which states the testamentary intentions of a deceased individual, but is not executed in accordance with the formal requirements for a valid will (e.g. not being witnessed correctly). Section 8 of the Succession Act 2006 allows the Court to dispense with the formal requirements of a Will if satisfied… Read more »

Home office expenses and CGT implications

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If you work from home, you may be able to claim a deduction for some of your expenses relating to the area you use.

Are you an employee and run a small business in your spare time?

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If you don’t need the cash generated from your small business, and you want to minimise your taxation liability you should consider contributing part of your profit into your superannuation fund.

Urgent – Review your Contracts for Unfair Contract Terms

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The Australian Consumer Law will protect small businesses from unfair terms in standard form contracts.

Tax & Duty considerations on land partitioning and subdivision

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The partitioning of land should not be confused with the subdivision of land.  Partitioning means where land that is held jointly (whether as joint tenants or tenants in common) is transferred to one or more of the co-owners of the land. It involves the disposal by each co-owner of their interest in one of the… Read more »

How to prepare for rising interest rates

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Interest rates have been low for so long it’s tempting to think low rates are the new normal. So when the Reserve Bank suggests that a cash rate of 3.5 per cent is the new ‘neutral’, people take notice. Even the Prime Minister warned Australian householders to prepare for higher interest rates ahead.i