Are you dealing with complex tax or superannuation issues? Feeling a bit lost or overwhelmed? Don’t worry; you’re not alone. Many people face tricky legal questions in these areas, and that’s where barristers come in handy. Let’s break it down. What’s a Barrister? Think of them as legal specialists. They’re experts in giving advice and … Continue reading Why You Might Need a Barrister for Tax and Super Matters
Introduction: Understanding and effectively managing your superannuation is crucial for securing a comfortable retirement. This guide provides a comprehensive overview of key considerations when choosing a super fund, how to communicate your choice to your employer, eligibility criteria, types of funds available, stapled super funds, nominating beneficiaries, and utilizing ATO online services. Overview Choosing the … Continue reading Choosing and Managing Your Superannuation
Introduction: Investing wisely is not only about making sound financial decisions but also about maintaining meticulous records. Keeping accurate and organised records of your investments is crucial for reporting income, claiming deductions, and ensuring compliance with tax regulations. In this blog post, we’ll explore the essential records you should maintain, why they are important, and … Continue reading A Guide to Keeping Impeccable Investment Records
Introduction: Understanding which income to tell the taxman about can feel like finding your way through a maze. In this blog, we’ll break down the different types of income you might have and make it easier to report them correctly on your tax return. Money from Work: Your job is where you get your main … Continue reading Your Simple Guide to Declaring Income on Your Taxes
Introduction: Capital Gains Tax (CGT) can be a maze of rules and exceptions, especially when claiming exemptions for main residences. In this blog post, we’ll unravel the intricacies of CGT exemptions, exploring scenarios where individuals might find themselves juggling two main residences and the exceptions that come into play. The Six-Month Overlap: One common scenario … Continue reading Balancing Two Homes For Tax Benefits
Introduction: Selling a family holiday home can be a bittersweet decision, filled with considerations beyond just parting with property. One crucial aspect that often requires careful thought is the Capital Gains Tax (CGT) implications associated with such a sale. In this blog, we’ll explore some key considerations and rules surrounding CGT when selling a holiday … Continue reading When Selling Your Family Vacation Home, How to Deal with Capital Gains Tax
Introduction: As we celebrate my one-year birthday, let’s delve into a crucial topic for everyone, especially as we age: planning for cognitive decline. In Australia, dementia is the second leading cause of death, and it’s essential to be prepared for a time when you may not have the capacity to make important legal or medical … Continue reading Planning for the Future
Introduction: Owning a holiday home can be a dream come true for many Australians, providing a retreat from the hustle and bustle of everyday life. However, when it comes to tax time, holiday homeowners need to navigate the rules surrounding deductions accurately. This blog aims to shed light on the key considerations and questions to … Continue reading Wonderland for Your Holiday Home
Introduction When planning for the future, understanding what happens to your superannuation (super) after you’re gone is crucial. Let’s break down the complex jargon into simple terms so you can make informed decisions about nominating beneficiaries. What happens to your super when you’re no longer around? Unlike your other assets, your super doesn’t automatically become … Continue reading Demystifying Superannuation Death Benefits
If you’re running a small business and you’ve made some money from selling assets (like property or equipment), there’s a fantastic tax break you might not be taking full advantage of the Capital Gains Tax (CGT) small business concessions. Here’s the lowdown in simple terms: 1. What’s the Concession? – These concessions can help you … Continue reading Don’t Forget About the Small Business Roll-Over Concession for Capital Gains Tax (CGT)
