APRIL 2024
This month’s edition of our client newsletter sets out six different strategies for boosting your superannuation nest egg while potentially saving on tax. This is followed by an item that explains what happens to your tax status on leaving Australia to live or work somewhere else in the world. You might be surprised to learn how long after heading off some people have to continue to call Australia home for tax purposes.
For those who run their business through a corporate structure there is a must read article on the pitfalls of treating the company’s bank account and other assets as your own – the ATO has its eye on this area. There is also an item on the tax issues that can potentially arise when deciding to sell the family home.
We have included a piece on the receipt of compensation for various events, including damage to property, wrongful dismissal or work injuries. In some cases, it may pay to obtain tax advice before settling on an amount with the insurer.
Finally, we offer a perspective on the question of where to put your spare cash (assuming you have any) – on the mortgage or into superannuation?
April 2024 Newsletter link
FEBRUARY 2024
With Christmas a distant memory, life and tax obligations are returning to a familiar routine. In this issue we look at a variety of tax issues, including a consideration of the tax consequences if you receive compensation when your bank or financial institution hasn’t acted as ethically and correctly as they could have; the tax issues and obligations surrounding volunteers; whether that family heirloom you inherited from grandma came with a tax sting in the tail; the circumstances in which you may be able to use your super to pay your mortgage; and the super consequences of returning to work after retirement.
We trust that this newsletter will provoke some thoughtful discussion around these issues as we launch into 2024.
MARCH 2024
Our March newsletter includes a run down on what taxpayers can do to maximise the benefits of the Stage 3 tax cuts that have recently been passed by Parliament. It explores some options for shifting taxable income from this year (2023-24) to the next (2024-25) by bringing forward deductions or deferring income.
The capital gains tax concessions that are potentially available for small business owners on the sale of their business is must read for anyone contemplating such a sale in the coming years.
Also included is the ins and outs of briefing a barrister. Did you know that you can brief a barrister directly (ie. without engaging a solicitor)?
Finally, an informative piece on super contributions in light of increases in various contributions caps that apply from 1 July 2024.