Many of us wonder about the best vehicle to use for our extra savings. Is it better to direct extra savings to your mortgage or superannuation? As with most financial decisions, there is no one-size-fits-all approach as it depends on a number of factors for each individual.
Six super strategies to consider before 30 June
Important tax residency issues to consider
Family companies and the many tax traps
If you own a family company, then it is very important how you receive and treat any payments made from the company to you (or your associates– for example, your spouse). And this is simply because any payment from a company (other than a return of the original capital) is, in most cases, prima-facie a dividend in the hands of the recipient – however it may otherwise be classified.
The tax treatment of compensation payments can be tricky
If you have had a rental or commercial property damaged by recent summer storms (or bushfires or floods) you may have received an insurance payout to cover the damage. You maybe surprised to know that this payout is subject to capital gains tax (CGT) on the basis that it arises from your right to seek compensation (being a CGT asset itself). However, the tax law and the ATO will treat it concessionally depending on what exactly the payout is for and how it will be used.
Selling your home to a developer? Beware the tax consequences!
The NSW state Government is attempting to help with the housing affordability crisis by making areas around train station’s and shopping centres eligible for rezoning for denser development. It will be important to see your tax adviser if you receive a generous offer from a property developer for your home (or rental property) as a result of this rezoning. And not just if you live in NSW.
Super contribution caps to increase on 1 July
Stage 3 tax cuts: A tax saving opportunity?
Don’t forget the CGT small business rollover
Compensation from your bank or financial institution – is it taxable?
Using super to pay the mortgage
Returning to work after retirement
Most people look forward to retirement as it is a chance to finally take time to 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 superannuation retirement rules when it comes to working and accessing your superannuation.
Collectables – and inherited jewellery
Tax issues when dealing with volunteers
From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensable workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive.
A new years resolution that will benefit you for years to come
Don’t ignore those tax debts: the ATO won’t!
Lost or destroyed tax records? Don’t panic!
Now and then, taxpayers may find themselves in a situation where they simply have no records to back up a tax claim. There can be many reasons for this, such as losing documents (either paper or electronic) when moving home, or technology failures that end up with the same result (or worse, destroyed records).