What is transitional CGT relief? Transitional CGT relief is temporary relief available to all complying super funds, not just SMSFs, for certain Capital Gains Tax assets that would otherwise give rise to a taxable capital gain through the necessary efforts to comply with the new transfer balance cap and new conditions to be applied to […]
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End of Year Tax Planning Tips The general rule is that you can claim deductions for expenses your business incurs in the process of generating assessable income. Many of these deductions are obvious – rent, materials, supplies and so on — but there are also some less obvious options left available just before the end
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Digital currency will no longer be subject to GST Starting 1 July 2017 bitcoin and other digital currencies will no longer be subject to the Goods and Services Tax (GST). The federal government made this announcement in the 2017-18 federal budget on Tuesday, 9 May 2017. The treatment of digital (or crypto) currency for GST
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Capital Gains Tax implications of subdividing and building on the family property With the current state of the property market in Australia, a not-uncommon situation can arise where a residential property owner wants to demolish and subdivide the block containing the family home and build residential units. If you have the available land, this is
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Business expense deduction claims A recent case before the Administrative Appeals Tribunal (AAT) shed light on a growing phenomenon that you should keep in mind for work-related or business expense deduction claims. This case involved a business purchase on Gumtree. Case study of an engineer who purchased business related tools on Gumtree The case involved
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What is total superannuation balance? Simply stated, your total superannuation balance is the sum of the balances of your superannuation interests. However, this is not necessarily the case. When is your total superannuation balance relevant? The total superannuation balance is relevant in determining your eligibility for: making non-concessional contributions according to the non-concessional contributions cap
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