Understanding CGT when you inherit

Understanding CGT when you inherit

Receiving an inheritance is always welcome, but people often forget the tax man will take a keen interest in their good fortune.  When ownership of an asset is transferred, it triggers a capital gain or loss with potential tax implications. So what are the tax rules...
Positives and Negatives of Gearing

Positives and Negatives of Gearing

Negatively gearing an investment property is viewed by many Australians as a tax effective way to get ahead.  According to Treasury, more than 1.9 million people earned rental income in 2012-13 and of those about 1.3 million reported a net rental loss.  So it was no...
Family Trusts Under ATO Scrutiny

Family Trusts Under ATO Scrutiny

Family trusts have stood the test of time as a means of protecting family and business wealth, and managing the distribution of trust income in a tax-effective way. But the misuse of these tax benefits by a small minority periodically puts trusts in the firing line of...
Why Family Trusts are Back in Favour

Why Family Trusts are Back in Favour

Recent changes to the rules around voluntary superannuation contributions which impact the amount you can transfer into a super pension account, have meant that many older Australians are considering setting up a family trust.  Trusts can be an effective way for...
Car Expenses on the ATO’s Radar

Car Expenses on the ATO’s Radar

With almost 4 million Australians making work-related car expense claims, the Australian Tax Office has the practice in its headlights.  Not only are they on the lookout for people wrongly claiming, but they are also armed with enhanced technology to check these...