Property buyers become collectors of real estate tax after 1st July 2016 New withholding rules on the sale of property by foreign residents have been introduced, turning purchasers into tax collectors. The new tax rules apply where real property contracts are entered into on or after July 1, 2016, but only apply to sales of […]
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Better late than never! As the end of the financial year draws near it’s time to think about what strategies you can adopt to avoid paying more tax than is necessary for the 2015-16 year. This is simply a list of possibilities to direct your thinking and not all of these tips will be suitable
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ATO Laws regarding capital gains tax conditions and exemptions relating to your main residence can be confusing. This article aims to eliminate the confusion. CGT Main residence exemption Main residence CGT (Capital Gains Tax) exemption can be extended to cover the time it takes to construct (or repair) that residence. This is sometimes referred to as
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What is salary packaging? Salary packaging is a tactic for an organisation to increase the take-home pay of its employees — and if done correctly, at no extra cost to the business but with a tax advantage to the employee. Basically, an employee agrees with their employer to forego part of their future salary or wages
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New Capital Gains Tax withholding rules for foreign residents Details of how it will administer the new foreign resident C.G.T. withholding payment rules have been released by the ATO. The new withholding rules will apply to contracts entered into on or after 1 July 2016. Summary of the new CGT withholding rules When a foreign resident disposes of certain
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2015-2016 Federal Budget – how does the Budget affect you? Small business is a sector that came out a clear winner from the 2015-16 federal budget delivered by the Treasurer Joe Hockey. Tax cuts for small business companies and unincorporated entities The government will deliver a tax cut to all small businesses through: 1.5% tax
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