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There are many adverse consequences associated with failing to lodge income tax returns or omitting income from those returns if the ATO finds out. The ATO has increasingly sophisticated technology to track such matters and catch people out, including “data matching” programs where it compulsorily obtains masses of information from certain authorities (e.g., banks, insurance [...]

While all superannuation funds have a shared goal to provide retirement benefits to their members, there are many differences between SMSFs and other superannuation funds. So if you’re thinking about setting up an SMSF, it’s worthwhile comparing SMSFs with other funds before making your decision. Here, we highlight the main differences between SMSFs and other [...]

Selling a property that may have been used for mixed rental and residence purposes has a lot of capital gain tax (CGT)  issues, and some of these also involve exercising good judgment as to how to best use the relevant CGT concessions. By way of example, if you retain your original home and rent it [...]

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 which you can carry on a [...]

Superannuation laws have been simplified over recent years to allow older Australians more flexibility to top up their superannuation. Below is a summary of what you need to know when it comes to making superannuation contributions. Adding to super The two main types of contributions that can be made to superannuation are called concessional contributions [...]

With apparently at least one in three marriages ending in divorce—and with countless more defacto relationships breaking down—the capital gains tax (CGT) roll-over provisions for “marriage and relationship breakdowns” have assumed increasing relevance. These rules provide for the “roll-over” of any capital gain on the transfer of assets between the separating parties so that there [...]