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Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the...

A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and...

The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts...

Just because an agreement states that a worker is an independent contractor, this does not mean that they are a contractor for tax and superannuation purposes, new guidance from the ATO warns. Where there is a written contract, the rights and obligations of the...

As part of our Christmas cheer and spreading this to those around us, we are donating to 2 very worthy causes – The Smith Family and Orange Sky Australia. The reason for our choice is based on some of the programs both of these organisations provide.  We consider this...

who claimed a loss on their home.   A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return...

Legislation enabling an extra 15% tax on earnings on super balances above $3m is before Parliament.   While not a concern for the average worker, if enacted, those with significant property or other illiquid assets in their superannuation fund are most at risk,...

Uncertainty has reigned over the last few years, but can we expect more consistency as we head into 2024? We explore some of the key issues and influences.   Inflation and labour supply RBA Governor Michelle Bullock stated, “Inflation is past its peak and heading...