Accounting & Financial Reporting
Important ATO Data-matching Programs: Officeholder, Property management and Lifestyle assets
ATO Officeholder Data-matching The ATO will acquire officeholder data from various sources, including ASIC, the Office of the Registrar of Indigenous Corporations, the Australian Charities and Not-for-profits Commission, and the Australian Business Registry Service. The data collection will span from the 2024 to 2027 income years and will include: It is estimated that records relating […]
Read MoreSelling Your Home After Leaving Australia? Here’s What you need to Know.
Planning to sell your home after relocating from Australia? Be cautious! If you’ve lived in Australia for years and own a home here, it’s important to understand the tax implications if you sell after becoming a foreign resident for tax purposes. Key Points to Consider: However, if you sign the contract while still an Australian […]
Read MoreWho is a Spouse under the Tax Laws – and Why Does It Matter?
Did you know that while Australia doesn’t offer joint tax filing for married couples, your spouse’s income still plays a role in your individual tax assessment? Understanding who qualifies as a spouse under tax law can impact your financial obligations and entitlements. For example, your eligibility for the private health insurance rebate and your liability […]
Read MoreSeptember 2024 – Tax Update
Anti-money laundering Bill: New disclosure obligation on certain professions The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 has been introduced into Parliament. expanding the AML/CTF regime to include lawyers, accountants, real estate professionals, and dealers in precious stones and metals. These sectors will now face new reporting and record-keeping obligations starting 31 March 2026. […]
Read MoreSeparation and Divorce: CGT consequences and Relief
With nearly one in three marriages ending in divorce—and numerous de facto relationships breaking down—the capital gains tax (CGT) roll-over provisions for “marriage and relationship breakdowns” have gained increasing significance. These provisions allow for the roll-over of any capital gain on the transfer of assets between separating parties, ensuring there is no immediate CGT liability. […]
Read MoreBreaking Up by Text: Legal Implications for Non-Lapsing Death Benefit Nominations
A recent decision by the Full Federal Court around a man’s tragic death by suicide clarified the standing of a de facto spouse in the context of a non-lapsing death benefit nomination on a life insurance policy made by the deceased person. Just prior to C’s death in September 2019 the death benefit under his […]
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