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Understanding the Tax Implications of Inheriting Assets
When thinking about passing on your assets, it's not just about deciding who gets what - there are tax implications to consider. How your assets are transferred to your beneficiaries can affect how much tax they must pay. This will depend on the asset type and the...
Understanding the Tax Implications of Inheriting Assets
When thinking about passing on your assets, it's not just about deciding who gets what - there are tax implications to consider. How your assets are transferred to your beneficiaries can affect how much tax they must pay. This will depend on the asset type and the...
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Now Is The Right Time To Invest In Property
Should you invest in property this 2020 while there is a pandemic? As people the world over panic and the economy grinds to a terrible halt with Australian property experts painting a grim future for the property market, you most probably have set aside your plans to...
Family Guarantee: What Is It and How First Home Buyers Can Use It
Family guarantee or guarantor home loan is a kind of agreement between the borrower and the lender that enables the borrower to get a home loan using the equity in his family's home. It serves as a security for part or for your entire mortgage. Family could be your...
First Home Buyers Benefit From Stamp Duty Concessions
First-home buyers hugely benefit from stamp duty exemptions as well as other government concessions this 2020. In a bid to boost the property market amidst the COVID-19 pandemic, the government is granting stamp duty concessions that could potentially save first home...
JobKeeper Extension: What this means to business and employees
JobKeeper extension has been announced by the government. Payment for JobKeeper is now extended until 28 March 2021 for businesses and not-for-profit organisations severely affected by the COVID-19 pandemic. The payment extension, however, will be reduced and paid at...
Appreciate the Benefits of Claiming Property Depreciation
Did you know that property depreciation is the second biggest tax deduction for investors, after interest? Despite this fact, 80 per cent of property investors are failing to take advantage of property depreciation and are therefore missing out on thousands of dollars...
ATO Employer Reminder – STP Data Needs to Be Finalized for 2020
ATO Employer Reminder: A reminder has been issued by the ATO to employers reporting through STP (Single Touch Payroll). That applies to just about every employer, assuming that deferral or exemption isn’t involved. Employers need to have payroll information finalized...
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Is your family home really tax-free?
When it comes to capital gains tax (CGT), the main residence exemption can help keep your family home tax-free when you sell it. However, like most tax matters, it can sometimes be complicated. As Darryl Kerrigan famously said in *The Castle*, "It's not a house. It's...
The Essential 30 June 2024 Guide
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Should You Be the ‘Bank of Mum & Dad’?
The transfer of wealth from the baby boomer generation has kicked off, with home ownership at the heart of it. In NSW, the average home price is a staggering $1,184,500—the highest in the country. Following are Canberra at $948,500 and Victoria at $895,000, with the...
Company Money Crackdown
The ATO is tightening its grip on business owners who dip into company funds or use company resources for personal purposes. It's not uncommon for business owners to blur the lines between their personal lives and their business, using company resources as if they...