Taxation Advice & Planning

Qualifying as an interdependent or financial dependant

By Wen Wen / November 28, 2023

When dealing with death benefit nominations, a question often gets asked is whether a person will qualify under the interdependency or financial dependency definitions. This is an important consideration as meeting the dependency criteria will enable potential beneficiaries to qualify as dependant and therefore allow them to receive a death benefit. Interdependency relationship Put, an […]

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Who Is a Resident For Tax Purposes?

By Wen Wen / November 21, 2023

A person’s residency for tax purposes can be one of the most difficult issues to determine in Australian tax law. And it is not just a question of whether a person is a “citizen” of Australia. Residency for Tax Purposes in Australia Moreover, it is highly relevant from a tax point of view, as a […]

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How to reduce your income tax bill using superannuation

By Wen Wen / October 10, 2023

Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you will be earning more income this financial year or if you have sold an asset this year and made a large capital gain. What […]

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Self-education – when is it deductible?

By Wen Wen / September 26, 2023

There is no specific provision in the income tax legislation that allows a deduction for self-education expenses. Rather the expenditure falls for consideration under the general deductibility provision of the Tax Act. In broad terms, this allows for, but also limits, deductible expenses to those incurred in the course of earning assessable income. This requires […]

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Tax Time: Unexpected first-time debts

By Wen Wen / August 15, 2023

For the first time, many Australians are finding themselves in a position where they are being told they owe the ATO money after completing their tax return this year. A significant number of taxpayers in this position are those that are still paying off their HECS/HELP debts – many of them young Australians. Following are […]

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Generous Depreciation In Its Final Days

By Wen Wen / June 13, 2023

This month’s federal budget confirmed that temporary full expensing (TFE) is now in its final days. To recap, TFE will cease and be replaced by a $20,000 instant asset write-off (IAWO) from 1 July 2023. Changes to depreciation rules and thresholds Under this change, small businesses (aggregated annual turnover of less than $10 million) will […]

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