Chartered Accountants | Douglas and Harrison Pty Ltd – Expert Financial Services

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804, 2024

Protecting your Child’s Inheritance

2024-04-08T12:40:05+10:00

Ensuring the Security of Your Child’s Inheritance

Are you concerned about protecting your child’s inheritance from a future divorce or relationship breakdown? The truth is that you are not alone – many parents share the same concern.

Tough times

Many young people struggle to save a deposit to buy a home. By contrast, parents may be in better position to give their children a bequest during their lives to help their children when they need it most, typically as […]

Protecting your Child’s Inheritance2024-04-08T12:40:05+10:00
2203, 2024

Inheriting a Home – The rules if a full CGT exemption does not apply

2024-03-01T14:19:56+11:00

Inheriting a Home – The rules if a full CGT exemption does not apply

There is expected to be a massive transfer of intergenerational wealth in the coming years with baby-boomer generation wealth being bequeathed.

And according to the experts a lot of this wealth will be tied up in real estate, particularly the family home (which most of the baby-boomer generation have been able to afford).

CGT Exemption

So, once again, […]

Inheriting a Home – The rules if a full CGT exemption does not apply2024-03-01T14:19:56+11:00
803, 2024

SMSF Trustees Illegally Accessing Super

2024-03-01T13:22:32+11:00

SMSF Trustees Illegally Accessing Super

The ATO has released findings on how much super from SMSFs has left the system before trustees have met a condition of release.

Super must remain preserved

One of the main features of superannuation is that you typically can’t access your money until you reach age 65 or when you retire after reaching your preservation age (between 55 and 60 depending on your date of birth). You may however be able to access your […]

SMSF Trustees Illegally Accessing Super2024-03-01T13:22:32+11:00
2002, 2024

Gifting and the Age Pension

2024-02-02T16:33:08+11:00

What are the Age Pension Gifting Rules?

Many people gift assets to their family or friends to give them a helping hand. However, care must be taken to ensure any gifting does not impact your current or future social security entitlements, such as the age pension.

What are the gifting rules?

For Centrelink purposes, gifting refers to selling or transferring income or assets for less than it’s worth or without receiving anything in return. If you receive adequate compensation, such […]

Gifting and the Age Pension2024-02-02T16:33:08+11:00
202, 2024

Damage or Destruction of a Rental Property

2024-02-02T16:31:25+11:00

Rental Property Damage or Destruction: Who Pays?

What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to declare for your rental property.

Declaring income

If you receive a payout for damage to your rental property as a result of a disaster, you may need to include this amount as income on your tax return. This […]

Damage or Destruction of a Rental Property2024-02-02T16:31:25+11:00
812, 2023

Planning for Cognitive Decline

2023-12-08T13:50:34+11:00

Planning for Cognitive Decline

Did you know that dementia is the second leading cause of death of all Australians with data indicating that it will likely soon be the leading cause of death? It’s a scary thought but at some point, in the future, you may not have capacity to make important legal or medical decisions.

This article summarises what you should do before that happens.

1. Nominate an enduring power of attorney

Planning for Cognitive Decline2023-12-08T13:50:34+11:00
412, 2023

Selling the Family Holiday Home – Some Considerations

2023-12-04T13:13:00+11:00

Considerations when Selling the Family Holiday Home

There are many considerations when it comes to selling a family holiday home such as pricing, timing, marketing, and even whether to actually sell that special place that may have been full of wonderful family memories.

But if you do decide to sell, the capital gains tax (CGT) consequences, and any special rules that may apply, are something that will need close consideration.

Holiday Home

Selling the Family Holiday Home – Some Considerations2023-12-04T13:13:00+11:00
811, 2023

Is that ute really exempt from FBT?

2024-04-16T14:12:42+10:00

Decoding FBT Exemptions for Utes: A Tradie’s Guide

Is that ute really exempt from FBT?

FBT exemptions. Is that Ute really exempt from FBT?Recent media reports suggest the ATO may have concerns that some tradies could be taking liberties with the FBT exemption available for utes and panel vans where private use is claimed to be minimal. Utes […]

Is that ute really exempt from FBT?2024-04-16T14:12:42+10:00
1108, 2023

Personal Property Securities Register

2023-08-09T13:46:30+10:00

Introduction to Personal Property Securities Register (PPSR)

Are you aware of the personal property securities register?

What is it?

The personal property securities register (more commonly known as the PPSR) is an official government register. It’s effectively a public noticeboard of *security interests in **personal property that is managed by the Registrar of Personal Property Securities.

*security interests are most commonly created when a secured party (such as a lender) takes an interest in personal property of a grantor (such […]

Personal Property Securities Register2023-08-09T13:46:30+10:00
2012, 2022

Seasons Greetings & ICB eBrief December 2022

2023-01-27T11:42:08+11:00

Seasons Greetings & ICB eBrief December 2022

News for December 2022 through to January 2023

We wish you one and all, the best for Christmas and a Prosperous New Year

FYI, our office will be closed from 24/12/2022 to 9/1/2023

However, our directors are contactable on their mobiles or by email.

To continue with our News, head to our ICB eBrief for December 2022 with News about ATO Lodgement Dates and featured news on Paid Family […]

Seasons Greetings & ICB eBrief December 20222023-01-27T11:42:08+11:00
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