property Archives - Page 2 of 2 - Salisbury Accountants

Amend your discretionary trust deed before 31 Dec 2019

December 12, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

NSW foreign duty and land tax surcharge

As a trustee of a discretionary trust we want to ensure you are aware of the State Revenue Further Amendment Bill 2019 (NSW) which was introduced before the NSW parliament on October 22, seeking to amend legislation relating to duties and land tax in NSW.

If your discretionary […]

Foreign resident CGT main residence exemption

December 9, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

ATO treatment of amendments related to foreign resident CGT main residence exemption

The ATO has released details of its administrative treatment of proposed amendments extending Australia’s foreign resident capital gains tax (CGT) regime to deny foreign and temporary tax residents access to the CGT main residence exemption.

Proposed measure

The government had announced that […]

Housing affordability Bill introduced

November 25, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Foreign resident CGT main residence exemption

The government has introduced Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 to implement capital gains tax (CGT) measures aimed at improving housing affordability, including the removal of the CGT main residence exemption for foreign residents.

These measures were first […]

CGT exemption on inherited homes

August 16, 2019/in Estate Planning /by Salisbury Accountants & Business Advisors

CGT explainer for Salisburys clients

Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience.

There are provisions in the tax law that mean a taxpayer does not have to pay capital gains tax (CGT) when they sell a house, flat, unit or other dwelling […]

Property development and tax

August 14, 2019/in Tax Planning /by Salisbury Accountants & Business Advisors

Taxation compliance issues for property developers

The considerations facing the ATO are many and varied, but can include topics such as whether an agreement to develop and sell land is a “more realisation” or a disposal either in the course of a business or as part of a profit-making undertaking or plan.

A “mere realisation” […]

Choosing a business structure

August 9, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Setting up a business structure

If you are starting a business you will need to work out which type of business structure to use.

We explain the benefits and disadvantages of different types of business structures. Sole trader

A sole trader is the simplest business structure and it is inexpensive to set up because there […]

Director’s loan repayments ruling

July 31, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Failure by director to make repayment of private company loan gave rise to dividend

The AAT has held that a taxpayer’s failure to make minimum yearly repayment on a loan taken by him from a private company where he was the sole director and shareholder, was not due to circumstances beyond his control.

The AAT […]

Record keeping for CGT

July 17, 2019/in Accounting /by Salisbury Accountants & Business Advisors

Record keeping for capital gains tax (CGT)

As the ATO’s data-matching capabilities increase, they are paying close attention to capital gains made on shares, property and cryptocurrency.

Always keep good records in relation to these assets, as this will help in working out a capital gain or loss correctly when you dispose of one. Your […]

Read more

Legal expenses and tax deductibility

July 8, 2019/in Business Advice /by Salisbury Accountants & Business Advisors

Do you have a legal expense?

Is it deductible?

When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another […]

Tax planning tactics for individuals

June 24, 2019/in Accounting /by Salisbury Accountants & Business Advisors

EOFY last-minute tax planning tactics for individuals

This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the right amount of tax for the 2018-19 year.

While the best strategies are adopted in July (that is, as early as possible in a financial […]

Posts

As a trustee of a discretionary trust we want to ensure you are aware of the State Revenue Further Amendment Bill 2019 (NSW) which was introduced before the NSW parliament on October 22, seeking to amend legislation relating to duties and land tax in NSW.

The ATO has released details of its administrative treatment of proposed amendments extending Australia’s foreign resident capital gains tax (CGT) regime to deny foreign and temporary tax residents access to the CGT main residence exemption.

Proposed measure

The government has introduced Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 to implement capital gains tax (CGT) measures aimed at improving housing affordability, including the removal of the CGT main residence exemption for foreign residents.

Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience.

The considerations facing the ATO are many and varied, but can include topics such as whether an agreement to develop and sell land is a “more realisation” or a disposal either in the course of a business or as part of a profit-making undertaking or plan.

If you are starting a business you will need to work out which type of business structure to use.

The AAT has held that a taxpayer’s failure to make minimum yearly repayment on a loan taken by him from a private company where he was the sole director and shareholder, was not due to circumstances beyond his control.

As the ATO’s data-matching capabilities increase, they are paying close attention to capital gains made on shares, property and cryptocurrency.

Always keep good records in relation to these assets, as this will help in working out a capital gain or loss correctly when you dispose of one. Your […] Read more

Is it deductible?

This financial year is almost over, but there are still tactics you may be able to employ to make sure you pay the right amount of tax for the 2018-19 year.

Always keep good records in relation to these assets, as this will help in working out a capital gain or loss correctly when you dispose of one. Your […]

Read more