Blogs & Resources
25 March 2014
How can the Retirement Exemption reduce my tax liability when selling my business?
If you qualify for the Small Business Retirement Exemption then any capital gain from the sale of your business may be exempt up to a lifetime limit of $500,000…
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25 March 2014
How can the 50% Active Asset Reduction reduce my tax liability when selling my business?
If you qualify for the Small Business 50% Active Asset Reduction, as the name suggests you may be able to reduce any gain on the sale of your business by 50%. T…
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24 March 2014
What qualifies as a Going Concern?
A Going Concern is essentially a business that operates without the requirement for liquidation in the foreseeable future, i.e., that it is able to meet its lia…
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21 March 2014
How do you qualify for a GST exemption on the sale of a Going Concern?
If you are selling a property and the sale meets the definition of a Going Concern you may be exempt from GST. Section 38-325 of Goods and Services Tax Act 1999…
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5 March 2014
What are the payment due dates for individual income tax returns and trust tax returns if lodged with a Registered Tax Agent / Accountant?
Provided you are eligible for the 15 May 2014 lodgement date, the dates are as follows:
1. If you lodge up to 12 February 2014, the payment is due by 2…
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27 February 2014
What problems can arise with your Superannuation if you do not have a Binding Death Benefit Nomination (BDBN)?
Essentially, upon your death, your super may end up been paid / transferred to the people you did not intend to receive it and the people that you did intend to…
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17 February 2014
If I move a property that I or my business own into my Self Managed Superannuation Fund (SMSF) will I be liable for stamp duty?
In most instances in Victoria, no stamp duty will be applicable on the above transaction provided that the following conditions are met:
1. There is no…
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7 February 2014
If expenditure to an associate of an entity that is eligible for the R & D Tax Incentive is incurred but not paid can it be used later as a notional deduction?
Yes. Section 355 - 480 of Income Tax Assessment Act 1997 (ITAA 1997) states that if expenditure is incurred to an associate but not paid it can be effectiv…
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24 January 2014
If I have recently registered a Self Managed Superannuation Fund (SMSF) what is the due date for its tax compliance?
Newly registered SMSFs must generally lodge their annual return by the 28 February following their first financial year, when using an accountant / tax agent. I…
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16 January 2014
If I am receiving an account based pension, can I commute my pension i.e., take a lump sum and allocate it towards my minimum pension payment?
Yes. The Australian Taxation Office (ATO) has released Self Managed Superannuation Fund Determination 2013/2 (SMSFD 2013/2) stating:
1. When a me…
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10 January 2014
What is an in house asset in relation to a Self Managed Superannuation Fund (SMSF)?
An in house asset is defined in Section 71 of Superannuation Industry Supervision Act 1993 (SISA 1993) as an asset of the fund that is:
- A…
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6 January 2014
What is the maximum amount of superannuation that can be contributed to my superannuation fund in one year?
Learn more1 January 2014
What happens to the deductions that are claimed as apart of the Research and Development (R & D) Tax Incentive?
Learn more30 December 2013
