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- Vimeo Video ID: 440176312
If you were to sell your property which meets the requirements of being your Principal Place of Residence (PPR) as a whole (i.e. before subdivision), then there would be no taxation implications. But what if you subdivide with the aim of selling off a portion? As we discussed in our article D...
Read more: What if I subdivide my property and sell the vacant land?
- Vimeo Video ID: 440175493
I receive a lot of questions from people who are looking at subdividing their property and want to know if there’s going to be any taxation implications. I’ll take you through a scenario of subdividing the property that features the house you live in initially, building a new house on the...
Read more: Subdiving, building and moving into the new house … what are the tax implications?
- Vimeo Video ID: 437692667
As we enter a new financial year and I prepare financial accounts and tax returns for my business clients, a common comment I receive when reviewing their profit is “I didn’t make that much profit!” followed closely by “If I did … where did the money go?” Like most business owners, you ...
- Vimeo Video ID: 427304034
People sell their rental properties for a variety of reasons. These might include to pay off debt; for retirement savings; the property is too difficult to manage; or, they are looking to invest in other options. When selling a property, we need to consider the capital gains taxation (CGT) implicat...
Read more: Property depreciation and selling a rental property
- Vimeo Video ID: 417011858
With 30 June 2020 less than 6 weeks away, now is the perfect time to review your situation and projected tax commitments to make sure that you take advantage of any planning opportunities and that your financial situation is maximised. The last two months have been very difficult for business. As w...
Read more: Taxation Planning and Understanding Your Commitments
- Vimeo Video ID: 410011713
Following on from our article about Eligible employees, the following information about eligible employers is correct at 20 April, 2020 JobKeeper – Employer Information The JobKeeper Package is an employee subsidy of $1,500 per fortnight for 30 March 2020 – 27 September 2020 (note this period ...
- Vimeo Video ID: 409629625
The ATO is constantly releasing information relating to the JobKeeper package. The following is correct based on the information available as at 20 April, 2020 JobKeeper – Employee Information Can an employee register for JobKeeper on behalf of their employer? No. Employers needs to...
Read more: JobKeeper Information – who are eligible employees?
The ATO is constantly releasing information relating to the JobKeeper package. The following is correct based on the information available as at 20 April, 2020 JobKeeper – Employee Information Can an employee register for JobKeeper on behalf of their employer? No. Employers needs ...
- Vimeo Video ID: 402433286
The Australian Government has recently announced their next major stimulus package to help people and the economy through this period. In an effort to encourage employers to keep their employees – instead of letting them go and forcing them to apply for unemployment benefits – the Federal Gover...
Read more: The JobKeeper Payment – the Federal Governments next stimulus package
- Vimeo Video ID: 400133480
Sunday night (22 March), the Prime Minister announced the second stimulus package to assist businesses and individuals through the Coronavirus period. The following is the taxation related content. Employee PAYG Refund For businesses and certain not-for-profits who employ people and have a tu...
- Vimeo Video ID: 398116956
Note: This legislation is yet to pass parliament – therefore this email has been based on the information that the Government has released to date. That being said, the changes are not complex nor controversial and I would expect them to pass as they are. As a result of the corona virus and t...
Read more: Coronavirus – Government support package for business investment
A major customer has gone broke and you are left with a large amount of money owed to you that you are not able to collect. The resulting cashflow issues that this can create are significant or, even worse, could force you out of business as well. It’s the stuff of nightmares. What’s more...
Retirement isn’t necessarily a permanent thing. Even the best-laid plans can need to be adjusted when circumstances change. The Australian Bureau of Statistics has found the most common reasons retirees return to employment are: financial necessity (ie poor investment returns, financial emerge...
I get a lot of questions from people who want to purchase a property, live in it, do it up and sell it at a for a profit and then repeat the process; aka a property ‘flip’. In previous articles, we have discussed the Main Residence Exemption; to recap: Your ‘main residence’ (your home) is g...
FREEDOM. It’s quite often the number one reason people go into business for themselves. In particular, they are looking for freedom in one or more of three areas: Time Money Mind While most people will say all three are important there is normally one was the key motivator for why they wen...
Read more: How remembering your ‘why’ can help you plan for a new year
Building wealth through owning property is a very common strategy to create long term wealth. According to the ATO there are nearly 2 million individuals that own an investment property; that’s a significant number of people! While the ATO produces an excellent guide for rental properties (you c...
In part 1 of 7 Ways to Grow Your Business and Profitability, I covered the first 3 ways: No. 1: Build customer retention No. 2: Generate more leads No. 3: Increase conversion rate I hope that you have taken some time to review your business to see how the above areas could assist you. Now, on t...
Read more: 7 Ways to Grow Your Business and Profitability – Part 2
The Challenge Sustaining and growing a business is a challenge. Business conditions change, new competition pops-up, your customers’ wants change. Technology changes, regulations change, finance conditions vary, customers delay in making decisions … the list goes on. Despite what we might thi...
There’s been a lot of reports in the news lately about businesses going broke and the effect that this has on the business owner, suppliers, subcontractors and others … sometimes devastating. Sadly, many times families lose everything, often having to start again due to no fault of their own. ...
A family (or discretionary) trust can be a good way to hold assets to protect them from claims that are made against you or your business … so why not put your house in a trust? We have heard of stories of businesses that have gone under leaving creditors, suppliers and subcontractors out of pock...
A real example and ATO audit outcome. Most businesses reach a point at which they need an extra pair of hands. This could be on either a short term or long-term basis. Hiring someone as a ‘contractor’ sounds like a simple and cost-effective solution: payment on invoice, no calculating tax, with...
In this, the third article in our series ‘Divide and Conquer’, we’ll look at the next scenario: Building to live in. If you haven’t read our first two articles, then I highly recommend that you do before diving into this one. Divide and Conquer Divide and Conquer … Tax implications of sub...
A common discussion around the dinner table with our kids is ‘who is the favourite child?’. We have three teenagers so the debating is intense about the virtues they all possess and why they should be named as the favourite. One night, about two years ago when the debate was memorably strong, t...
In our last article – Divide and Conquer … Tax implications of subdividing your property – we just scratched the surface of the tax implications of subdividing your property. If you haven’t read it, then I recommend you do before continuing. In this article I would like to explore two scena...
Read more: Divide and Conquer 2: Tax implications of subdividing your property