Knowing whether you’ll be entitled to the Age Pension is an important part of your retirement planning. Once you reach Age Pension age (66 years from 1 July 2019), you’ll also need to pass two tests: the assets test and income test. Here we outline the basic thresholds that apply under each test and what […]
There’s nothing as certain as death and taxes, but tax on death is not so clear. The good news is that when an asset passes to a beneficiary, capital gains tax (CGT) generally does not apply. But when the beneficiary decides to sell that asset, CGT may kick in. Here we explore the CGT consequences […]
Car expense claims are one of the most popular deductions claimed by individuals at tax time each year, but the ATO says not everyone gets it right – and stresses this is not a “standard” deduction. Make sure you know the basic rules for when and how you can make a claim. These rules apply […]
Discretionary trusts provide a lot of benefits from a tax perspective but should you appoint an Individual or a Corporate Trustee? Discretionary trusts provide a valuable vehicle for managing assets in a legal structure such as a family office, SMSF, or business, allowing income to be distributed to beneficiaries in a flexible, tax-effective way. We […]
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