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Are you over 65 and thinking of downsizing your home?

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For retirees and pre-retirees, the government recently announced changes to superannuation allowing you to downsize your home and contribute part of the proceeds from the sale into your superannuation fund.

NSW Payroll Tax – Common errors

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Payroll tax is applied to a business’s New South Wales (NSW) taxable wages that exceed the payroll tax threshold. The payroll tax threshold for 2018 financial year is $750,000. An employer is required to pay 5.45% payroll tax on taxable wages above this threshold.

Difficult for Small Businesses to access superannuation during financial hardship

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Accessing Superannuation To access your superannuation, prior to retirement, under the ATO’s financial hardship provisions you must satisfy the following conditions; 1. you cannot meet your day to day family living expenses, and 2. you have been receiving government income support for the past 26 weeks, and 3. you must be receiving government income support… Read more »

Surcharge Land Tax and Duty – Trusts

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Stamp Duty Surcharge The 2016 NSW Budget introduced a surcharge purchaser duty (stamp duty) on the purchase of residential real estate by foreign persons from 21 June 2016. The surcharge is in addition to the stamp duty payable on the purchase of residential property. As a result of the 2017 Budget, the stamp duty surcharge… Read more »

Advantages of Testamentary Trusts in Estate Planning

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Using Testamentary Trusts Estate planning allows testators to exercise a higher level of control over the distribution and management of their wealth to beneficiaries. Testamentary trusts are an effective estate planning tool because of their ability to protect assets and minimise tax consequences.

Reasonable Travel & Meal Expense Amounts 2017/18

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A travel allowance is a payment made to an employee to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight in the course of their duties. Generally, allowances folded into an employee’s salary or wages are taxed as salary and wages and tax has to be withheld,… Read more »

ATO Crack Down on Ineligible Research and Development Arrangements

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The ATO has released various taxpayer alerts this year in relation to arrangements that seek to exploit the Research and Development (“R&D”) tax incentive. The ATO is closely reviewing such arrangements to disallow incorrect R&D claims relating to expenditure or arrangements in construction, ordinary business, agricultural and software activities.

The 6 things to look for when investing in the stock market

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1. Invest in consistently profitable businesses. Ideally we want to reduce risk. We prefer to invest in companies with stable revenue and earnings. Generally companies with stable earnings tend to weather the storm better than those companies that have volatile earnings. By volatile earnings I am referring to companies that report a profit one year… Read more »

Compulsory Acquisition of Land and interests in land by State and Local government in NSW

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The NSW Government and local councils, including state owned organisations may acquire land and interests in land for public purposes. The government and statutory bodies are often referred to as the ‘acquiring authority’.

What to look for when investing in property.

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Whether you invest in shares or property or any other asset your return on that investment is generally a combination of your income return i.e. the rent or the dividend or interest and the capital growth you realise on that investment.