Retirement and housing (homeownership)
Housing (homeownership) is a key factor influencing retirement outcomes — we discuss retirement and several things to consider with regard to housing.
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Changes to granny flat arrangements
New capital gains tax exemption will make it easier for older Australians to enter formal granny flat arrangements with the added protection from possible financial abuse if circumstances within the family change.
ATO work related expense claim reminder
With EOFY fast approaching, it’s best to reach out to us sooner rather than later to talk through deducting your work-related expenses correctly, and any steps you need to be aware of before 30 June.
Avoid small business tax time errors
Our advice throughout tax time is vital to avoid common errors. The benefits of regular contact with us, including letting us know when your circumstances change, are key to avoiding mistakes.
Tax planning and contribution caps
From 1 July 2021, the non-concessional contributions cap will increase from $100,000 to $110,000. Members under 65 years of age may be able to make non-concessional contributions of up to three times the annual non-concessional contributions cap in a single year.
Tax treatment of cryptocurrencies
If you invest in cryptocurrency you may need to include a capital gain or loss in your tax return. Find out how capital gains tax applies to cryptocurrency and the types of records that need to be maintained.
Federal Budget farm machinery write-offs
Under the Federal Budget handed down this month, farmers can instantly write off the full value of machinery purchases. Previously, a portion would have been tax-deductible in the first year, and the rest would have depreciated over future years.
Succession planning: need and timing
There is a lot of good to be achieved when succession planning is taken on proactively and within a structured process. Having wholesome conversations that discover the objectives and desires of all involved and dealing with challenging decisions without delay makes the process much easier and rewarding for all.