When it comes to property investment in Australia, understanding tax implications is crucial to ensuring that capital gains tax, if any, is kept to a minimum. One such key tax rule which you may have heard of is the 6-year rule for capital gains tax (CGT), which can provide significant tax relief to property owners. […]
What is the 6-Year Rule for Capital Gains Tax? Read More »
When buying, selling, or renting property in Australia, one key consideration for both buyers and sellers is the Goods and Services Tax (GST). While GST is a well-known part of many commercial transactions, its treatment when it comes to residential property can often cause confusion. While it is always best to consult a property accountant
Is GST Payable on Residential Property in Australia? Read More »
Running a business as a sole trader offers simplicity and flexibility, but it also comes with tax responsibilities and potentially tax disadvantages that must be managed carefully. Lodging a tax return as a sole trader may seem overwhelming, especially if you’re new to running your own business, but understanding the process can make it far
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Self-Managed Super Funds (SMSFs) are a powerful tool for Australians looking to take control of their retirement savings. However, managing an SMSF comes with significant responsibilities, ATO requirements, and strategic decisions. Whether you’re considering setting up an SMSF or already managing one, the expertise of SMSF accountants Melbourne can make all the difference in ensuring
When Should You Consult an SMSF Accountant? Read More »
Properly managing an inheritance is crucial to ensure it benefits you and possibly future generations. Here are seven critical steps to take when you receive an inheritance: 1. Pause and Reflect Grieving the loss of a loved one is an emotional process. It’s important to give yourself time to reflect and not rush into major
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Investing in shares can be a great way to grow wealth. It is also important to have an accountant Melbourne by your side who can help you plan and strategize to save Capital Gains Tax (CGT). In Australia, CGT is payable when you sell shares for a profit. However, there are legal strategies to minimize
How to Avoid Capital Gains Tax on Shares in Australia Read More »
When receiving money through a gift or inheritance, many people wonder whether they are required to pay tax on it. The answer is it depends. Let’s explore how gifted money and inheritance are treated for tax purposes in Australia. Gifted Money In Australia, gifts are generally not considered taxable. If someone gives you money as
Do You Have to Pay Tax on Gifted Money or Inheritance? Read More »
When businesses or individuals require assets such as cars, machinery, or computer equipment but cannot or prefer not to purchase them outright, a hire purchase agreement can be an ideal solution. Here’s an overview of how hire purchase agreements work, their benefits, and key considerations. Understanding a Hire Purchase Agreement A hire purchase (HP) agreement
What is a Hire Purchase Agreement? Read More »
Day trading has become increasingly popular among Australians, with many taking advantage of volatile financial markets to generate income. However, when it comes to taxation, day trading isn’t as straightforward as buying a share or two for the long term. Understanding how your trading activity is classified and taxed by the Australian Taxation Office (ATO)
Day Trading and Tax in Australia – A Trader’s Guide Read More »
The Federal Court has denied a sports company’s appeal to claim research & development incentives for the creation of an Australian signature basketball shoe. The Movie Air highlighted the importance of the signature Air Jordan shoe to Nike. While expected to sell around $3 million worth of shoes by its fourth year, the signature shoe
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