by admin | Aug 19, 2024 | Did You Know, News
The Tax Commissioner has successfully argued that more than $1.6m deposited in a couple’s bank account was assessable income, not a gift or a loan from friends. The case of Rusanova and Commissioner of Taxation is enough for a telemovie. The plot features an...
by admin | Jul 15, 2024 | Did You Know, News
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the...
by admin | Jul 5, 2024 | Did You Know, News
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year. Purchases of depreciable assets with a cost of less than $20,000 that a small business...
by admin | Jul 5, 2024 | Did You Know, News
Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the...
by admin | Jun 17, 2024 | Did You Know, News
Here’s a summary of the key changes coming into effect on 1 July 2024: Tax cuts reduce personal income tax rates and change the thresholds. Superannuation guarantee increases from 11% to 11.5% – check the impact on any salary package arrangements....
by admin | Jun 17, 2024 | Did You Know, News
The ATO has warned that it is looking closely at how trusts distribute income and to who. The way in which trusts distribute income has come under intense scrutiny in recent years. Trust distribution arrangements need to be carefully considered by trustees before...
