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 …
The 10-Year Tax Rule is a tax incentive policy that benefits Australian individuals and those planning to relocate to Australia. According to this rule, an investment held for ten years can be withdrawn tax-free, given that the following conditions are met: • The investment must be held within a life insurance-wrapped platform. • The annual …
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 …
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 »
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 »
Deductible Expenses Fees for bookkeeping services, accountants, and accounting software Renting out the property is advertised Agent commissions and fees for property management Bank fees for accounts used for paying bills and collecting rent Fees for body corporate (excl special purpose levy contributions for improvements, initial repairs) Borrowing costs, such as broker commissions, valuation fees, …
Which loan type—one with variable rates or one with fixed rates—should I choose? Many of our clients who are looking to take out a loan ask this question frequently. The optimal decision for you will rely on a variety of internal and external variables. In general, personal factors are those over which we have complete …
Inside this month, we clear the confusion (as much as possible) on the 120% deduction for skills training and technology announced in the federal Budget. We also look at the ample number of changes coming into force from 1 July 2022. Finally, can you claim a deduction for your gym membership and what the AAT …
Key takeaways: If you contribute some of your after-tax income or savings into super, you may be eligible to claim a tax deduction Making a ‘salary sacrifice’ contribution could see you pay less tax than if you received the money as take-home pay If your spouse is not working or earns a low income, making …
Picture this: you’re sitting around the table with your friends and family at your weekly Saturday barbeque when someone starts to talk about how well their investment portfolio is doing or how they’re this close to putting down the deposit on their first home. You start to worry about your own progress on your financial …
Your Financial Advisor vs Your Loved Ones Whose Advice Is Better? Read More »