Tax & Structuring

Give yourself the ultimate gift that doesn’t cost a thing – a super to-do list which is a gift that will benefit you now and in the future. Consolidate your super With over 10 million unintended multiple superannuation accounts, these multiple accounts are costing Australians an extra $690 million in duplicated administration fees and $1.9 [...]

Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either paper or electronic) when moving home, or technology failures that end up with the same result (or worse, destroyed records). And [...]

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 [...]