Starting from 1 February 2024, changes are coming into effect concerning the principal place of residence exemption from land tax. If you’re planning to purchase or currently own a property, here’s what you need to know: Key changes From 1 February 2024, anyone who purchases and occupies a property but own less than 25% interest […]
Exception to the Main Residence Rule for Capital Gains Tax Exemption The CGT exemption for a person’s home is only available in respect of one home owned at any given time. In other words, you can’t get two main residence exemptions applying to two different homes at the same time. However, there is one exception
Two “Main Residences” is Possible Read More »
Looking to boost your employees’ skills and your tax deductions at the same time? Then keep reading to see if you could be eligible for the small business skills and training boost! If you run a small or medium business and are planning on investing in, or recently invested in, training your employees, taking care
Small business skills and training boost Read More »
Sometimes promoters of schemes target self-managed super funds (SMSFs). Schemes can include tax avoidance arrangements that inappropriately channel money or assets into your SMSF so you pay less tax. They may also include arrangements promoting the illegal early release of benefits from your fund for personal use. To assist you with identifying schemes that may
Avoid schemes targeting SMSFs Read More »
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
Self-education – when is it deductible? Read More »
The capital gains tax (CGT) discount can reduce by 50% a capital gain that you make when you dispose of (sell) a CGT asset that you have owned for 12 months or more. However, the discount is only available to: The most notable omission from this list is companies. They are not eligible for the
Discounting your capital gain Read More »