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207, 2024

Using the Building Concession for Major Renovations

2024-07-15T08:57:30+10:00

Using the Building Concession for Major Renovations

There is no better way to exploit the CGT main residence provisions to increase the value of your home than by using the “building concession” to renovate your home.

At the far end, this concession allows you to move out of your home, knock it down and rebuild a more valuable one without losing any of your CGT main residence exemption.

However, it does require a number of conditions to be met.

Conditions […]

Using the Building Concession for Major Renovations2024-07-15T08:57:30+10:00
2206, 2024

Deceased’s Assets to Beneficiary via Deed of Arrangement

2024-05-31T13:01:30+10:00

Deceased’s Assets to Beneficiary via Deed of Arrangement

The key CGT principle that applies on the death of a taxpayer is that there will be no CGT liability when an asset of the deceased ultimately passes to a beneficiary of the estate under the will.

Of course, the beneficiary will then be subject to CGT on any subsequent dealing with the asset.

However, an executor of the estate will generally be subject to CGT if they deal with […]

Deceased’s Assets to Beneficiary via Deed of Arrangement2024-05-31T13:01:30+10:00
906, 2024

SMSF Investment Strategy Requirements

2024-05-31T12:46:34+10:00

Optimize Your SMSF Investment Strategy for Success

Make sure your SMSF investment strategy is on track and reviewed on a regular basis.

Your SMSF investment strategy

All SMSF trustees are required to prepare and implement an investment strategy for members of their fund. As the name suggests, an investment strategy sets out what the fund can invest in and all investment decisions must be made in accordance with the investment strategy.

Your investment strategy is your plan for making, […]

SMSF Investment Strategy Requirements2024-05-31T12:46:34+10:00
605, 2024

Claiming Interest Expenses for Rental Properties

2024-05-06T14:04:54+10:00

Claiming Interest Expenses on Rental Properties

Interest is a common deduction claimed by taxpayers. Generally, interest is seen as being inherently deductible where it is incurred in gaining or producing assessable income.

An established factor from court cases is that the deductibility of interest depends on the purpose of and use of borrowing the principal. Interest expenses will not be deductible where money is used for a purpose that does not produce income, even if the money […]

Claiming Interest Expenses for Rental Properties2024-05-06T14:04:54+10:00
2304, 2024

Personal Property and the Securities Register

2024-04-16T11:33:47+10:00

Personal Property and the Securities Register – Something to consider!

Not so many years ago a new scheme was introduced which also established a national register that could affect anyone who answers “yes” to any of the following scenarios — are you in business, and do you:

  • sell goods on retention of title terms?
  • hire, rent or lease out goods?
  • buy or sell valuable second-hand goods or assets?
  • want to raise finance using stock or other assets as […]
Personal Property and the Securities Register2024-04-16T11:33:47+10:00
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
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