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Foreign income and your tax return

If you are an Australian resident with overseas assets you need to take any capital gains or capital losses you make on those assets into consideration when doing your tax return. Generally speaking, anyone who earns over the tax free threshold during the course of a...

What is business liquidation?

Under the Corporations Act, insolvency refers to a business’s inability of a company to pay off its debts, as they fall due, out of the debtor’s company resources and refers specifically to businesses and companies. Liquidation (a form of insolvency) is the winding up...

Summary of Super Changes

Changes to your Super The following represents a summary of the major superannuation changes effective from 1 July 2013. 1.  Superannuation Guarantee contributions increase – the minimum SG contribution will be raised from 9% to 9.25%. The first increase will be...

Do your foreign employees have a valid working Visa?

It is the responsibility of all businesses to employ legal workers. Legal workers are Australian citizens, permanent residents and non-citizens with Australian visas that allow them to work. Some visas, for example some visitor visas, do not allow non-citizens to work...

ATO targets landlords for rental property claims

It was recently reported that rental property deductions have surged in recent years as investors prefer bricks and mortar to shares as the preferred investment strategy. The Australian Taxation Office (ATO) is now targeting more than 110,000 rental property owners...