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...
What trust distributions to adult children can be questioned under Section 100A?. The Australian Taxation Office (ATO) is scrutinising trust distributions where parents may be taking advantage of their adult children’s lower marginal tax rates to reduce the overall...
Are your trust distributions to grandparents at risk under Section 100A?. When distributing trust income to grandparents, who may often be retired or on a lower income, there are tax considerations to keep in mind, especially under section 100A of the Income Tax...
The role and importance of SMSF Accountants. As the trustee of a Self-Managed Superannuation Fund (SMSF), you are responsible for managing and complying with all legal obligations associated with your fund. An SMSF accountant is essential in helping trustees like you...
