Some of the high-net-worth clients we have served have misconceptions about international tax regulations, believing that as long as they do not reside in any country for 183 days or more, they will not be considered tax residents. Determining tax residency is a highly complex process and the 183-day rule is only a preliminary criterion. […]
Tax residency and why people should be aware of this Read More »
People commonly believe that keeping their money in a bank is the safest option, but this is not the case. Consider the bankruptcy of Silicon Valley Bank, the bank invested in a large amount of seemingly safe long-term U.S. government bonds, but when the Federal Reserve began to raise interest rates to fight inflation, these
Silicon Valley Bank Collapse Read More »
Superannuation is an important component of personal wealth growth and long-term financial planning for many Australians. By contributing to their superannuation accounts over time, individuals can accumulate a significant amount of wealth that can be used to support their retirement lifestyle. The favourable tax treatment of superannuation also means contributions made by employers and
Why is superannuation important to Aussies Read More »
Behind interest & inflation, how is your wealth being affected？ Inflation and interest rates tend to move in the same direction, and in the long term, raising interest rates and inflation can reduce the purchasing power of your income and wealth. This implies that even if you invest and save money, the wealth you accumulate
Raising interest rates? the untold point of view from a Tax Agent. Read More »
What is Fringe Benefit Tax (FBT) and how it affecting your business? Employers pay Fringe Benefits Tax on certain benefits they provide to their employees or associates, in addition to their salaries. FBT is distinguished from income tax and is calculated on the taxable benefit of fringe benefits. The use of a vehicle for personal
What’s new with buying an electric car for your business? Read More »
How should the new information -based blockchain economy be reported on tax returns? What is Cryptocurrency? A cryptocurrency is often used to describe a digital asset in which cryptography is used to regulate the generation of additional units and verify transactions on the blockchain. It usually operates independently of central banks, central agencies or governments,
How Crypto is Taxed? Read More »
Imagine I am the only member of SMSF 1 and I roll assets over to SMSF 2, where I am also the only member: does this trigger a CGT event? Some answer this with a no. The no is derived on the purported basis that since I am the only member of each fund, I
Does rolling an asset over to another SMSF trigger a CGT event? Read More »
A trustee is the legal entity that holds the assets of a trust. Trustees have significant power as they have the authority to distribute trust income, sometimes at their own discretion. Throughout the life of the trust, there may be circumstances which require you to change the trustee controlling the trust. This article sets out
What Are the Tax Consequences of Changing Trustees? Read More »
The terms “mortgage offset account,” “offset house loan,” and “interest offset account” are all used to refer to the same service offered by financial institutions. To put it simply, it is typically a savings account that reduces a loan account. Typically, an offset facility will include two distinct bank accounts: Simply put, the interest charged
Mortgage Offset Account Read More »
Do you have employees? Yes, in such case you could have to make superannuation payments on their behalf! In general, you must pay super guarantee (SG) on top of an employee’s earnings if you pay them $450 or more (before tax) in a calendar month. In order to qualify, your employee must work more than
Should You Pay Superannuation Read More »