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Contributing the proceeds of home downsizing into superannuation

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From 1 July 2018, when  Australians aged 65 and over sell their home they have owned for at least 10 years, they can contribute up to $300,000 from the proceeds into their superannuation account.

Assignment of Retail Lease when you sell your business

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When you sell a retail business, if the business is subject to the transfer of the lease, you will also need to assign or transfer the lease to the purchaser of your business (proposed tenant).  In effect, the purchaser of the business buys the business and takes over your obligations under the lease.

New vacancy fee return for foreign owners of residential property

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The vacancy fee is part of the Government’s comprehensive housing affordability plan that was announced on 9 May 2017. This measure is intended to encourage foreign owners of residential dwellings to make them available for rent where they are not used as a residence.

You have sold your business but will you pass due diligence?

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You may have noticed with my recent blogs where I have explained what drives business valuations up or down. In practice when buying or selling a business, the agreed price will often be subject to due diligence. What does due diligence mean? Well usually it’s an audit or investigation of a potential investment.

Entering a residential lease?

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Are you about to enter a lease? If so, there are a number of documents that you should be provided, which include: 1. A copy of your lease – you should make sure that you are familiar with the terms of your lease prior to signing it. Not all leases are the same and certain… Read more »

Workplace Injuries and Illness – Are you aware of your obligations?

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If you employ works in NSW, there are various legal requirements you need to be ware of and comply with in terms managing any injuries and illness that could arise in your business. The following provides a snapshot of some of these requirements.

Obligations of a Bankrupt to disclose

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Obligations of a Bankrupt to disclose Although everyone should know that a Bankrupt has to disclose all their financial affairs including debts, income and assets to a Trustee in Bankruptcy, some bankrupt’s still try to avoid doing so and end up with significant consequences including the extension of the bankruptcy period.

Strata Parking Schemes

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Where can you park in a strata scheme? Owners and residents are only permitted to park in parking spaces allocated to them. This does not include parking for emergency vehicles or visitors.

Is Uber a taxi for tax purposes?

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This question was addressed early last year in Uber B.V. v FC of T. Generally speaking, enterprises with a turnover below $75,000 are not required to register for GST and remit 10% of their revenue to the ATO. However, there is a special rule in the GST Act that specifies that taxi and limousine operators… Read more »

Generally the main residence is exempt from capital gains tax (CGT). To get the exemption, the property must have a dwelling on it and a taxpayer must have lived in it. A vacant block of land is not entitled to the exemption.