Most people look forward to retirement as it is a chance to finally relax, enjoy life, and do things they never had time for when they were working. But sometimes things change and some people feel the urge to return to work. If a return to work is inevitable, it is important to understand the […]
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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
The Prime Minister has announced new tax cuts. The following are changes to the Stage 3 tax cuts: Therefore, following these announcements and assuming amending legislation is passed, the Australian resident personal income tax rates from 1 July 2024 will be: Resident individuals Up to $18,200 Nil $18,201 to $45,000 16% on part over $18,200 $45,001
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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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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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Federal Court Decision Offers Insight for Property Developers For property developers – or would-be property developers – a recent decision of the Federal Court may be of interest In Makrylos v FCT [2023] FCA 971, land acquired by a property developer was treated as trading stock from the date of its original acquisition, and not
Property Developers – And Would Be Ones – Beware! Read More »