In our last newsletter we commented on how quickly things can change. None of us thought at that stage we would see the events of the last few months. However, the observations of massive change are not particularly helpful in themselves. The question is, what does this change mean for you. It is crucial that […]
In general, trustees of SMSFs are unable to acquire assets from related parties and may only maintain ‘in-house assets’ (i.e., assets involving dealings with related parties) when their value is less than 5% of the total value of the fund’s assets. However, an exclusion to these requirements applies in relation to ‘business real property’. When […]
Recent volatility in the world investment markets can cause a lot of unnecessary anxiety for investors. At such a time, risks can be taken causing the loss of long-term, well earned benefits. Market downturns are inevitable and it is impossible to predict movements accurately. Moving in cycles It might be tempting to move money out […]
The Australian Taxation Office (ATO) recently released two new interpretative decisions relating to Fringe Benefits Tax (FBT). They concern the payment of money to an employee’s associate (e.g. a spouse) and to an organisations social club and whether those payments attract FBT. A ‘fringe benefit’ is a benefit provided by an employer to an employee […]
With the weather warming up and the holiday season just around the corner, many Australians will soon be heading to their home-away-from-home. Holiday houses can be a wonderful place of retreat whilst also being a worthwhile investment. Rental income Renting out your holiday house has advantages. However, you must declare the rent and claim the […]
In most cases, the sale of the family home does not attract GST. However, there may be GST implications for the sale of other properties. GST is charged on the supply of goods and services that are ‘taxable supplies. You make a taxable supply if: You get paid for it (either money or barter) and […]
What is a deductible repair? The ATO has released a document to assist owners of rental properties when claiming deductions for repairs. A repair is usually ‘occasional’ and ‘partial’. Repairs typically replace a part of something or restore something to its original working order. For example, a repair includes fixing a window that has been […]
A recent Australian Taxation Office ruling on salary packaging has created the opportunity for potential tax benefits. It affects couples who jointly own negatively geared investments, such as a rental property or a share portfolio. It was previously thought that if a taxpayer salary sacrificed the expenses associated with a jointly-owned investment then only half […]
Are you planning to retire from a family business or know someone who is? One of the most significant challenges to the owner of any family business is planning for the future and how to best transfer share ownership to the next generation to ensure the business continues and provides family security for surviving family […]
Saward Dawson acknowledges the Traditional Custodians of the land on which we work and we pay our respects to Elders past and present.
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