ACNC Proposals
Proposals to strengthen the ACNC A review panel has made 30 recommendations to strengthen the ACNC’s legislative framework. Strengthening for Purpose: Australian Charities and Not-for-profits Commission Legislative Review 2018 aims to tighten the commission’s legislative structure. Recommendations focus on the ACNC’s objectives, functions and powers, the regulatory framework itself, and how to reduce red tape. Topic […]
Estate Planning Considerations
Review your Will One minute you’re single and carefree the next, you’re married with a beautiful young family. The danger becomes illness, accident and losing testamentary capacity to make a legal and valid Will. We’ve all seen the barrage of life insurance ads on tv repeating ad nauseam “protect what’s important to us” but in […]
Streaming from Trusts
The ATO has stated that a trust’s capital gains and franked distributions can, if not prevented by the trust deed, be streamed to beneficiaries for tax purposes by making these beneficiaries “specifically entitled” (more below) to the amounts. This allows beneficiaries to offset capital gains with their capital losses, apply applicable discounts and, subject to […]
Basic CGT Small Business Concessions
The CGT relief concessions that are available to small businesses can be very generous. However they can also be complex and confusing, so knowing a few of the finer details can go a long way to ensuring your small business can take best advantage of them. Look before you leap It’s never too early to […]
Expanding the land for the family home
A question that surfaces now and then in regard to capital gains is whether the main residence exemption extends to additional land acquired after the time of acquisition of the residence. The short answer is yes — provided that certain requirements are met. It should also be noted that where the exemption applies upon satisfaction […]
Customers in financial distress
Craig looks at the impact of this and what can be done to manage the fallout. More information? To find out more, give us a call on 1300 023 782 or email team@cdrta.au.
Small tax claims tribunal
Can the Small Taxation Claims Tribunal help? Now and then it may be the case that you will have legitimate reason to complain about how the Tax Office has dealt with your tax affairs, and of course you have every right to do so. But disputes about tax assessments do not always have to end […]
Exempt or non taxable income
It is possible to receive amounts that you do not need to tell the taxman about, and don’t have to include as income on your tax return. The Tax Office classifies these into two different categories (or three, if you count “other” as a category). Exempt income. This is simply amounts that have been deemed […]
Basics of income averaging
Income averaging: Who is eligible, how it works
Using tax losses
Your business racked up a tax loss? Put it away for later use A business generally makes a tax loss when the total deductions it can claim for an income year exceed the total of that business’s assessable income for the year. Then of course there are deductions that you can’t count as tax losses, […]
