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A little-known tax incentive that is aimed at encouraging businesses to improve energy efficiency is the small business energy incentive (SBEI). You will have to jump through a few hoops to qualify, but depending on what sort of depreciating assets you have acquired between 1 July 2023 and 30 June 2024 (the bonus period), you [...]

A recent decision by the Full Federal Court around a man’s tragic death by suicide clarified the standing of a de facto spouse in the context of a non-lapsing death benefit nomination on a life insurance policy made by the deceased person. Just prior to C’s death in September 2019, the death benefit under his [...]

Splitting superannuation contributions with 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 run a small business through a company and you decide to sell it, you have the choice of either selling the business assets themselves (together with any goodwill) or selling your shares in the company. Usually, such decisions are made on the basis of relevant commercial considerations (e.g., due diligence and future liability [...]

A person who is not a resident of Australia for tax purposes is nevertheless liable for capital gains tax (CGT) on certain assets located in Australia. And these assets are assets which have a “fundamental” connection with Australia and are broadly as follows:   real property (ie, land) located in Australia, including leases over such land; [...]

Since 1 July 2024, the age at which individuals can access their superannuation increased to 60. So what does this mean for those planning on accessing their superannuation upon reaching this age? What is the preservation age? Access to superannuation benefits is generally restricted to members who have reached the ‘preservation age', which is the [...]