Ok, not that Succession series. Each month we’ll bring you a new perspective on transferring property. Be it estate planning, managing an inheritance, or the various forms of business succession. This month, we look at the tax consequences of inheriting property. Beyond the difficult task of dividing up your assets and determining who should get …
If you are aged 55 years or older, the downsizer contribution rules enable you to contribute up to $300,000 from the proceeds of the sale of your home to your superannuation fund (eligibility criteria applies). In 2023-24, over 57% of people making a ‘downsizer’ contribution to super were women. And, the average value of the …
More women using ‘downsizer’ contributions to boost super Read More »
The ability for life insurers to discriminate based on adverse predictive genetic test results will be banned under a new Government proposal. Predictive genetic tests detect gene variants associated with heritable disorders that appear after birth, often later in life, but are not clinically detectable at the time of testing. To overcome concerns about discrimination …
The ban on genetic test insurance discrimination Read More »
Multinational ride-sharing system Uber has successfully contested six Revenue NSW payroll tax assessments totalling over $81.5 million. The assessments were issued on the basis that Uber drivers were employees and therefore payroll tax was payable. The Payroll Tax Act 2007 (NSW) imposes the tax on all taxable wages paid or payable by an employer. The …
The politicians have weighed in on the Reserve Bank of Australia’s economic policy and their reticence to reduce interest rates in the face of community pressure. We look at what the numbers are really showing. Treasurer Jim Chalmers has stated that global uncertainty and rate rises are “smashing the economy”. Former Treasurer Wayne Swan weighed …
Own an investment property or an expensive lifestyle asset like a boat or aircraft? The ATO are looking closely at these assets to see if what has been declared in tax returns matches up. The Australian Taxation Office (ATO) has initiated two data matching programs impacting investment property owners and those lucky enough to hold …
Property and ‘lifestyle’ assets in the spotlight Read More »
You login to your myGov account to find that your activity statements for the last 12 months have been amended and GST credits of $100k issued. But it wasn’t you. And you certainly didn’t get a $100k refund in your bank account. What happens now? In what is rapidly becoming the most common tax scam, …
The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an Australian resident Russian couple ‘gifted’ over $1.6m in unexplained bank deposits, …
Breaking up is hard to do. Beyond the emotional and financial turmoil divorce creates, there are a number of issues that need to be resolved. What happens when there is a family company? For couples that have assets tied up in a company, the tax consequences of any settlements paid from the company will need …
The Government has amended the legislation guiding registered tax practitioners to include compulsory reporting of material uncorrected errors to the Tax Commissioner. The Government has legislated a series of changes to the Tax Agents Services Act 2009 that place additional requirements on registered tax practitioners and how they interact with clients. The reforms are in …
The changes to how tax practitioners work with clients Read More »
