The 2020 financial year has been incredible. We have now seen the end of the worst drought on record and as COVID-19 restrictions are lifted, we are noticing an upward swing in business confidence.Many businesses have experienced a difficult finan...
Read MoreIf you are a low or middle income earner, and you make a personal contribution into your superfund, the government may also make a Co-contribution, to a maximum of $500 per year.The amount the government contributes, depends on your income and how...
Read MoreDrought loans now available through the Regional Investment CorporationLoans of up to $2 million interest and repayment free for the first two yearsYears 3-5 are interest only at a concessional rate (2.11%) with the balance to be repaid over the r...
Read MoreIf a grazier is forced to sell livestock (because of drought), they can elect to defer the taxable gross profit made on the sale of that stock and reduce their tax liability.Many graziers have been forced to sell most, sometimes all their stock an...
Read MoreLegislation that passed through Parliament last month prevents taxpayers from claiming a deduction for expenses incurred for holding vacant land. The amendments are not only retrospective but go beyond purely vacant land.Previously, if you bought ...
Read MoreFrom 1 July 2020, new rules will come into effect to ensure that an employee’s salary sacrifice contributions cannot be used to reduce the amount of superannuation guarantee (SG) paid by the employer.Under current rules, some employers are paying ...
Read MoreWe have been fielding questions recently relating to unit trusts.Unit trust are commonly used as an entity to purchase and hold real estate. They are generally used when there is more than one party involved.When a self-managed super fund (SMSF) i...
Read MoreThe ATO has announced that SMSFs that do not lodge their annual returns on time will have their fund’s status on Super Fund Lookup changed from ‘Complying’ to 'Regulation details removed'.At a high level the change may result in issues for funds i...
Read MoreGenerally, first home buyers are eligible for a full stamp duty exemption on the purchase of their first owner occupied property.If a first home buyer is purchasing a property with someone who already owns residential property, you may still be el...
Read MoreWould you claim the Lego you bought for your kids throughout the year as a tax deduction? One taxpayer did and it made the Australian Taxation Office’s 2018-19 list of most unusual claims.The Lego was not the only claim for money spent on kids. An...
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