Tax

A Comprehensive Guide to Investment Taxation, Capital Gains, Dividends, and Beyond in 2024

Embarking on the journey of investing for financial growth involves more than market analysis; it requires a keen understanding of the ever-changing tax laws and brackets. As we enter 2024, potential changes to tax rules can significantly impact how investment gains are taxed, influencing the overall returns for investors. In this extensive guide, we delve …

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Understanding Payroll Tax: A Comprehensive Guide for Employers and Employees

Ever wondered about that line item for payroll tax on your pay slip? Or perhaps, as an employer, you’ve grappled with the intricacies of calculating and paying this tax accurately. Payroll tax is a crucial aspect of business in Australia, and grasping its nuances is vital for both employers and employees. Key Takeaways The Basics …

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Unleashing Financial Freedom: The Power of Mortgage Offset Accounts

For homeowners looking to supercharge their financial strategy, a Mortgage Offset Account can be a game-changer. This often-overlooked financial tool has the potential to save you money and accelerate your journey to mortgage-free living. In this article, we’ll delve into the intricacies of Mortgage Offset Accounts and how they can be a key player in …

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What are your tax obligations in the sharing economy?

Are you part of the growing number of Australians engaged in the sharing economy? If you’re earning income through digital platforms, it’s essential to understand your tax obligations. Here’s a guide to help you navigate the tax landscape in the sharing economy. Understanding Sharing Economy Activities The sharing economy involves economic transactions facilitated by digital …

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Higher GST? Negative gearing changes? Why we’ve got to talk about tax

As Australia’s population ages and the demand for costly services like health and aged care rises, the nation faces a pressing fiscal challenge. The last major tax reform, the Goods and Services Tax (GST), was introduced over two decades ago in 2000. With fewer working-age individuals contributing to income tax, the country is grappling with …

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Uncovering the Recent Changes in Australian Tax Returns: Why Your Refund Might Be Affected

Recent developments in the Australian taxation landscape have sparked concern among taxpayers as nearly 300,000 individuals might experience reduced or even wiped-out tax returns this year. This shift comes after the Australian Taxation Office (ATO) decided to reactivate debts that were previously put on hold due to the challenges posed by the COVID-19 pandemic and …

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Australian Tax

Is Tax Residency the same as Citizenship?

Why is it important to determine your Tax Residency? Australia’s tax laws treat Australian residents and Non-Resident differently.  Australian tax residents are generally taxed on all of their worldwide income.  Non-Australian tax residents are only taxed on income from Australia.  Hence determining your tax resident status correctly will prevent accidental tax evasion or overpayment of …

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Tax residency and why people should be aware of this

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. …

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What Are the Tax Consequences of Changing Trustees?

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 …

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