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The ATO knows that many business owners naturally help themselves with their trading stock and use it for their purposes. This common practice can occur in businesses such as butchers, bakers, corner stores, cafes, and more. The ATO regularly issues guidance for business owners on the value it expects will be allocated to goods taken [...]

The CGT exemption for a person’s home is only available in respect of one home owned at any given time. In other words, you can’t get two main residence exemptions applying to two different homes at the same time. However, there is one exception to this rule – and that exception applies when a person [...]

Whilst the ATO went out of its way to assist businesses doing it tough during the COVID lockdowns, a more robust approach to collecting outstanding tax debts now seems to be the order of the day. Other people’s money A major part of the tax debts of many businesses represents the temporary withholding of other [...]

Wondering if your beneficiaries will pay tax on your superannuation death benefits? The answer is it depends on several important factors. Most people will have heard of Benjamin Franklin’s quote “In this world, nothing is certain except death and taxes”. He raises a valid point as the tax office will be ready to take their [...]

There are many types of nominations offered by different funds. Knowing which one suits your circumstances is key to ensuring your superannuation ends up in the right hands. Types of nominations Individuals can direct or influence their superannuation fund trustee as to how they want their death benefits distributed by completing a death benefit nomination [...]

A question that often gets asked when dealing with death benefit nominations is whether a person will qualify under the interdependency or financial dependency definitions. This is an important consideration as meeting the dependency criteria will enable potential beneficiaries to qualify as a dependent and therefore allow them to receive a death benefit. Interdependency relationship [...]