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Great news for everyone running a small business!
The Small Business Entity threshold has increased to $10 million from 1 July 2016 onwards (became law on 19th May 2017). Previously the Small Business Entity threshold was $2 million. Basically, you are a Small Business Entity if you carry on a business and have an aggregated turnover of less than $10 million.
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Property Inheritance CGT Implications
Since the introduction of capital gains tax in September 1985 if you inherit a dwelling or other property and later sell or otherwise dispose of it, capital gains tax may apply to either the deceased estate or yourself as beneficiary.
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UPDATE - Withholding tax on property sales
Last year we wrote an article detailing the new withholding tax introduced for properties sold to foreign residents. For any property sold for more than $2 million after 1 July 2016, the purchaser had an obligation to withhold 10% of the sale price.
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How redraw works and why its a handy feature loan feature
It’s one of the less glamorous home loan features, but the redraw facility deserves a second look. Here’s why:
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Global political risks one year on from Brexit what have we learned?
Leave Campaign wins the Referendum. It's now 12 months since the British voted to leave the European Union, an event that some saw as setting off a domino effect of other European countries looking to do the same.
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2017 Tax Checklists
We have taken the time to prepare comprehensive Tax Checklists, designed to guide you in providing all the correct and relevant information to maximise your tax return.
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Investment Properties Pre & Post 30 June 2017
Anyone with investment property in Australia is probably feeling a little edgy with all the recent media attention on deductions, affordable housing, and negative gearing. We take a look at some of the key tax issues for investors pre and post 30 June:
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Should you update your SMSF Trust Deed?
The Trust Deed of a Self-Managed Superannuation Fund governs the operation of the Fund and permits the Trustee to act to the extent permitted by the legislation and be able to comply with any superannuation changes.
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