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Did you know that if you’re aged between 60 and 64, you can access your super if you change jobs – without retiring permanently? Just by leaving a job you’ll be able to access a full pension or a lump sum.
Below 60 you can access your super only if you can show you intend to retire permanently. From 65 your super is all yours!
Let us help advise you on the rules and the best tax strategies for this major life decision.
Businesses are entitled to value their stock as per a couple of different methods:
- Market value
- Net realisable value
- Cost
Cost is the most common, but where you are holding obsolete stock it may be beneficial to use the net realisable value method (this will increase your deductions). Market value will result in the smallest tax deduction, but there are times that this is beneficial
“Gig economy” platforms like Airtasker allow you to earn some extra cash by completing a huge range of odd jobs – from gardening to data entry and even standing in line for concert tickets!
Unfortunately you must declare this income in your tax return and keep records of the amounts you earn. To make matters worse, if you earn $75,000 a year or more, you must register for GST and most users will also require an ABN.
The ATO have a HUGE data-matching program and they get details of who earned income from platforms like Airtasker, AirBnB, eBay, etc. Don't wait for the ATO to find it as they will impose penalties.
Generally, you can deduct interest expenses on loans you’ve taken out to buy the property, fund repairs and renovations or buy depreciating assets – but only to the extent it’s used for generating rental income.
We find people get into trouble when they redraw on their loan, consolidate the loan, or use the rental property as security to buy something else - most of the time these are not deductible.
To be certain that you are avoiding the ATO's eye, come and see us before you make any changes to your loan.
Family trusts (discretionary trusts in general) have the advantage of allowing income to be distributed to family members, associated entities, and the like. However, the trust is obligated to make a decision on the distribution amounts by 30 June each year
This poses a conundrum of sorts. How does a trust decide on how much to distribute to each person before the year has even ended? It's not until months after the end of the year that the trustees are aware of the actual profit figure
Formulas is how. The trust will need to decide what proportion each person gets, so when the actual figures are worked out you can just apply the formula
Oh, and the decision to distribute has to be in writing, dated 30 June or earlier... in the event of an audit the ATO will require this
