Consumer News
Capital gains made by trusts
If you receive a distribution from a trust, you may have capital gains tax (CGT) consequences. If the amount by which an asset’s selling price exceeds its initial purchase price. Trusts include managed funds, such as property trusts, share trusts, equity trusts, growth trusts, imputation trusts and balanced trusts.
Thinking of Investing in Property?
The decision over what type of property is the most beneficial, when it comes to investment properties, is one that has been debated for many years. Levels of capital growth, purchase prices, the amount of rent the property is expected to bring in and the current Australian economy are all factors that need to be taken into consideration.
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Steps in the Bankruptcy Process
Bankruptcy occurs when an individual does not have enough money/assets to pay creditors or debt that is owed. If you find that you are unable to repay your debts, you can not just say that you are bankrupt. You must go through a formal process and be deemed eligible, and hence legally declare it; that is if the bankruptcy is voluntary.
The ATO’s view on borrowing in Self Managed Superannuation Funds (SMSFs)
The ATO’s view on Limited Recourse Borrowing Arrangements (LRBA) within Self Managed Superannuation Funds (SMSF’s) has been clarified with the release of the Draft Self Managed Superannuation Funds Ruling (SMSFR 2011/D1) on 14 September 2011.
Think twice before you invest in overseas property!
Investing in overseas property is more risky than investing in property in Australia. It is much more difficult to make sure the investment suits your needs if you don’t have local knowledge and you can’t regularly inspect the property. ASIC has recently received many complaints about promoters who are encouraging Australians to invest in the United States property market.
Beware of receipts printed on thermal paper!
Many of you may have noticed that a lot of receipts these days are printed on thermal paper (particularly receipts that come from cash registers.) The two main problems with thermal paper is that the text can fade over time, and also the entire receipt can turn black when exposed to high temperatures – for instance lying in the sun. This presents an issue when it comes to keeping receipts and financial records for tax time; especially if the ATO asks for copies of these records at a later point in time. The ATO is not lenient if you can’t provide the receipts. However, there are a few things you can do to prevent such a small matter from becoming a large issue:
Government Benefits for your Family
With the rising costs of living and increased work commitments being faced by parents and guardians in today’s environment, raising and maintaining a young family in Australia can be a difficult task. The Australian Government recognises the increased costs associated with families by providing financial support through various benefits, to assist with the costs of raising children. It is important that you are aware of these available government payments to ensure you receive all the payments and financial assistance you are entitled to.
Selling or Buying a Property?
If you’re thinking about selling or buying a property in the near future, you’ll probably require the services of a conveyancer. Conveyancing work is highly technical and specialised, and in the excitement of buying or selling a property it is quite easy to overlook the importance of having a conveyancer. Not only will a conveyancer look after all of the documentation and settlement processes, but they can also handle any unexpected issues that often arise when dealing with property.
Workplace Bullying and Harassment
Workplace bullying is a widespread issue and can have various effects on an employee’s physical and mental wellbeing. It should never be tolerated under any circumstances. In Australia, working in a safe and protected workplace free from bullying and harassment is a basic right for all employees. Under current state Occupational Health and Safety laws, your employer has an obligation to ensure the health, safety and welfare of all employees and this extends to bullying.
Opportunity to purchase an investment property through your superannuation fund
With the volatility in the share market over the past three years, many people have decided to take control of their superannuation and invest their superannuation in an investment property as opposed to shares or managed funds.
