Do you pay tax on inheritance in Australia?. In Australia, there are no inheritance taxes or estate taxes imposed by the federal or state governments. Beneficiaries aren't required to pay tax on the value of assets inherited under a will, so there is no direct tax on...
Is income protection insurance tax deductible in Australia?. Income protection insurance premiums are generally tax-deductible, which can help reduce your taxable income. However, the deductibility depends on the terms of your specific policy, and payments you receive...
How to lower small business CGT concessions when selling an active business asset. If you plan to sell your small business, it’s essential to understand the small business CGT concessions available to you. These concessions can help reduce, defer, or even eliminate...
What car buyers and businesses need to know about Luxury Car Tax. For car buyers, business owners, or those buying imported luxury cars, understanding the Luxury Car Tax (LCT) is crucial. The tax applies to vehicles exceeding the luxury car tax threshold, impacting...
Why you should provide your TFN to avoid unnecessary tax. Providing your Tax File Number (TFN) is important to avoid paying higher taxes in Australia. If you don’t supply your TFN to employers, financial institutions, or superannuation funds, they are required to...
How does negative gearing work for young professionals entering the Australian property market. Negative gearing can be a practical approach for young professionals in Australia aiming to invest in property. By purchasing a negatively geared property, the rental...
Understand how Div 7a interest rates can impact loan agreements. For private companies managing a complying Division 7A loan, staying informed about the Div 7A interest rate is crucial. The Div 7A benchmark interest rate, set by the Australian Taxation Office (ATO)...
Should a discretionary trust have individual or corporate trustees?. When setting up a discretionary trust, one of the most important decisions you'll face is choosing the right trustee structure. Whether you opt for a corporate trustee or an individual trustee can...
How to reduce your Capital Gains Tax (CGT) with the 6-year rule. If you’re considering selling your property, it’s crucial to understand how Capital Gains Tax (CGT) might apply to the profit from your sale. This tax could significantly affect your annual income and...
