Divorce and your Retirement Savings

Even the most amicable divorce is an unhappy experience for those involved, but when you consider the impact of divorce on your retirement savings things become even more difficult. Although superannuation is technically treated as property during divorce proceedings, most people considering how to split their assets and lives don’t give their retirement savings much thought. This is understandable – after all, most divorcing couples having things like children, homes and joint bank accounts to consider. But neglecting to consider the impact of divorce and your retirement savings can have long term negative consequences. Learn more »

Employee Share Scheme Changes

The ATO has finally announced via an article on its website that, from 1 July 2015, there are new rules for the tax treatment of employee share schemes, including tax concessions for start-up companies. Learn more »

What you need to know about Liquidation

What is liquidation?

Liquidation is the process of winding up a company’s financial affair in order to dismantle the company’s structure by conducting appropriate investigations and enabling a fair distribution of company’s assets to its creditors. Learn more »

What are the requirements for a Foreign Investor to purchase existing property?

Joe Hockey recently revealed that there are currently 195 cases under investigation by the Foreign Investment Review Board (“FIRB”). Approximately 24 of these cases have involved a foreign investor that has voluntarily come forward to indicate that they may have breached the foreign investment rules. Another 40 of these cases relate to referrals made by the public where they suspect that foreign investors have been hiding behind complex structures and illegal leasing arrangements in an attempt to hide foreign ownership.

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NSW Payroll Tax Reminder – $750,000 is the magic number!

What is payroll tax?

Payroll tax is a state and territory tax that is imposed on employers and is calculated based upon the amount of taxable wages paid. The 5.45% tax is payable when an employer’s total Australian wages exceed the tax-free threshold. Australian wages comprise of NSW wages and interstate wages. Learn more »

What happens with property purchased with after acquired money of a Bankrupt?

The case of Di Cioccio v Official Trustee in Bankruptcy considered whether after acquired property purchased with after acquired money vested in the Official Trustee (OT) upon bankruptcy and was divisible among his creditors. The decision reached by the Court in this case contradicts the previous approach taken in a previous case – De Santis v Aravanis. Learn more »

Taxable Payments Annual Reporting – Building & Construction Industry

Businesses in the building and construction industry have an obligation to report the total payments they make to each contractor for building and construction services each financial year. These payments need to report to ATO using the Taxable Payment Annual Report (TPAR – a special form provided by the ATO). Learn more »

Are you involved in a Neighbourhood Dispute?

Living side by side with your neighbours when involved in a neighbourhood dispute isn’t easy, but rushing straight into the courtroom is often not the best course of action. No matter what the dispute, your best option is usually to try and resolve the issue in a way that allows you and your neighbours to continue to live alongside one another. However if your neighbourhood dispute can’t be solved amicably, it’s important to understand your legal position and the options available to you. Learn more »

End of Financial Year Business Tax Return Basics

With the recent announcement and discussion of the new federal budget, it is time for business owners to get ready for the 2015 tax return and begin tax planning for the future. The following are essential tasks for you undertake at the end of financial year. Learn more »

Artwork and Collectables owned by SMSF’s – Be aware of potential breaches and penalties

While these rules apply for all collectables acquired from 1 July 2011, collectables already held in an SMSF as at 30 June 2011 were given a five year transitional period to comply. That five year period ends on 30 June 2016. Learn more »