Archives for June 2017

Q: Who is Assessable on Interest Income?

A: THOSE WHO “BENEFIT” It is a fairly well-established and welcome act for an aunt or uncle or of course a parent to start a savings account for a new addition to the family. It is not so common however, to factor in the taxation obligations that may arise from this generosity. A young child [Read more…]

The Transitional CGT Relief Measure and Your SMSF

Transitional capital gains tax (CGT) relief is temporary relief available to all complying superannuation funds, not just SMSFs, for certain CGT assets that would otherwise give rise to a taxable capital gain through the necessary efforts to comply with the new transfer balance cap and new conditions to be applied to transition to retirement income [Read more…]

What is a Tax Loss and How Can it be Turned to Good Use?

You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year. If you operate a business that makes a loss you can generally carry forward that loss and claim a deduction for it in a future [Read more…]

End-of-Year Tax Planning Tips For Business

The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious — rent, materials, supplies and so on — but there are also some less obvious options left available just before the end of the income year, should your circumstances [Read more…]

Using The Equity In Your Home To Purchase An Investment Property

If you are already repaying your own home or another investment property, you may be able to use the equity you have built up to purchase an additional property. Let’s use an example to explain this process. Your lender is going to require that the loan amount is less than 80% of the value of [Read more…]