What everyone selling a property valued at $750k or more needs to know Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a…
The Federal Budget announced that non-residents will no longer be able to access the main residence exemption for Capital Gains Tax (CGT) purposes from 9 May 2017 (Budget night). Now that the draft legislation has been released, more details are available about how this exclusion will work. Under the new rules, the main residence exemption…
The ATO is paying attention to people who are over-claiming work-related expenses. Get your deductions right by satisfying the following rules: you must have spent the money and were not reimbursed it must be directly related to earning your income, and not of a private nature you must have a record to prove it Things to…
Salary and wage earner tax tips How to use myDeductions on ATO’s App ATO’s myDeductions makes it easier and more convenient to keep your tax deductions and income records all in one place. Individuals claiming general or employee work-related expenses can use the tool. Sole traders with simple affairs can also use it to help keep track…
The global equity market index continued to move slightly higher in June, closing out a solid first six months of 2017. The S&P 500 closed 0.6% higher despite a late-month fall; although this was countered by weak equities across Europe. Asian emerging markets were also positive as the Shanghai Stock Exchange (SSE) Composite (+2.4%) and…
GST on imports New rules for goods under $1,000 Last month, Parliament passed legislation that will see GST applied to all consumer imports regardless of their value. Currently, imports below $1,000 are excluded from GST. The perceived preferential treatment of internet shopping has been a contentious issue for a while with the retail sector lobbying…
What did I miss? 1 July changes GST applies to digital products & services imported by consumers Small business $20k instant asset write-off extended until 30 June 2018 Company tax rate reduction to 27.5% for entities with an aggregated turnover of less than $25m (companies with a turnover of less than $10m have been subject…
This article was wrtten by Brian Long, MLC Head of Retirement, and can be found here. It’s often been mentioned that $1 million or more in superannuation savings is needed to live a comfortable retirement. This is a daunting figure for most of us and, unsurprisingly, has many Australians concerned about the kind of retirement lifestyle they…
