News
An overview of the main residence CGT exemption
Generally, a property, including a taxpayer’s main residence, ie their family home, is considered to be a Capital Gains Tax (CGT) asset.
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Market volatility during COVID-19
Market volatility refers to extreme price movements over a given period. These movements may occur in a particular area, such as real estate or shares, and may be upward or downward.
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Economic and market commentary
Investors remained focused on rising inflation and the possibility of policy settings being tightened worldwide.
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Overseas gifts and loans in the spotlight
The ATO has recently issued an alert on gifts or loans from overseas. They are particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws.
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Tax and the Normalisation of Cryptocurrency
In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app.
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How to set up your Director ID
Directors are now required to register for a unique identification number that they will keep for life. The introduction of the Director Identification Number (DIN) is part of the Government’s Modernisation of Business Registers (MBR) Program creating greater transparency, and preventing the potential for fraud and phoenix company activity. So, who needs one? What is the timeframe to apply and how do I set it up?
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What happens to your superannuation when you die?
Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.
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Divorce, Superannuation and the Gender Divide
New legislation will help prevent superannuation assets from being hidden during divorce proceedings.
From 1 April 2022, the Australian Taxation Office (ATO) will be able to release details of an individual’s superannuation information to a family law court.
