Tax & Structuring

Probably the most overlooked reason for the housing affordability crisis in Australia at the moment is the capital gains tax (CGT) exemption for a person’s home itself. But not this alone. Rather, it is probably the exemption in conjunction with all the various concessions a person can use to access the exemption. And these concessions [...]

There can often be a fine line between whether a person is carrying on property development activities or is “merely realising an asset”. For example, it may not be clear whether the extent of a person’s development activity in respect of, say, subdividing his or her backyard and building one or more units of accommodation [...]

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, [...]

Tax file numbers (TFNs) are so much an everyday element when dealing with tax and the ATO that many taxpayers won’t give it a second thought when tax return software responds with an “invalid” message when a TFN is entered. The common thought will be that it’s human error, so naturally, one’s first reaction will [...]

Don’t be another victim; be on the lookout for scammers who call you about your superannuation! ASIC is on the lookout The number of cold callers is on the rise. The Australian Securities and Investments Commission (ASIC) is urging people to hang up on cold callers and scroll past social media clickbait that may be [...]

It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However,, some of these amounts may be used in other calculations and may therefore need to be included elsewhere in your tax return. The ATO classifies the amounts that it doesn’t count as [...]