If you carry on a business – small or large – the question of which business structure to use always arises – and not just from when you start that business, but also during its operation when it may be beneficial to change from one structure to another.  Essentially, there are four major ways in…

There are many different issues to be considered, and matters to be juggled, when buying a new home eg, financing, storage of furniture, etc – and timing, of course. But a common issue is whether you should sell your existing home first and then buy – or buy first. (Most “experts” say you should sell…

Don’t let share market volatility get you off course with your superannuation investment strategy.  Market volatility  Market downturns can make anyone nervous, but sticking to your investment strategy is key. If you move your investments to cash or a more conservative option after the market has fallen, you’re effectively locking in your losses. Decisions driven…

While Australia doesn’t have a joint filing option for married couples, there are some aspects of your individual tax assessment that depend on your spouse’s income. For example, your eligibility for the private health insurance rebate and your liability for the Medicare Levy Surcharge both take into account your spouse’s income. Other tax attributes affected…

Most people know that if they inherit a home and it is sold within two years of the deceased’s death, then they won’t pay any capital gains tax (CGT) on it.  And there are other ways an inherited home can be sold CGT-free. But what about other inherited assets – such as a car, shares,…

A key responsibility that SMSF trustees must adhere to is to keep accurate tax and superannuation records. The benefits of good record keeping As a SMSF trustee, the benefits of good record keeping will: Even if you use a superannuation or tax professional to administer your SMSF, each trustee is responsible for good record keeping.…

Whether you are a resident of Australia or non-resident of Australia for tax purposes has significant consequences for you. Primarily, if you are a resident of Australia for tax purposes you will be liable for tax in Australia on income you derive from all sources – including of course from overseas (eg, an overseas bank…

Splitting superannuation contributions to your spouse can be a great way to boost your combined superannuation balances which can benefit you both in retirement.  What is contribution splitting?  Spouse contribution splitting allows a couple to optimise their superannuation balances by splitting up to 85% of concessional contributions (CCs) they made or received in one financial…

If you’re a high income earner, you may soon be asked to pay an extra 15% tax on the amount of concessional contributions that exceed the $250,000 threshold. What is Division 293 tax?Division 293 tax is an additional 15% tax that is payable when your income and concessional contributions exceed $250,000 in 2023/24. To recap,…

Are you concerned about protecting your child’s inheritance from a future divorce or relationship breakdown? The truth is that you are not alone – many parents share the same concern. Tough times Many young people struggle to save a deposit to buy a home. By contrast, parents may be in better position to give their…