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1 day ago

MCA Accountants

The distinction between "capital" and "income" is important as it determines whether the ordinary rules apply, or the capital gains rules - each has its benefits

Capital items get access to the various tax concessions (such as 50% discount), however capital losses can only be offset against capital gains. Income items are taxed normally, but losses can be applied against any income

The distinction mostly rears its head with "share traders", and co-incidentally there are a spike of people trying to be classified as traders when the share market crashes (i.e. to get the losses categorised as "income" losses), and when there are good times people perefer to be seen as "investors" (to get the captial gains concessions). IT IS NOT A CHOICE. You can't choose, which set of rules apply to you depends on your circumstances

Property sales also draw some attention. If you purchase property with the intention of flipping it (either pre or post improving it), it is normal income and taxed as such. If your intentions are to keep it as longer term investment, is is more likely a capital item

The distinction matters, and the ATO are well aware that taxpayers tend to choose based on what provides the best tax outcome, and they investigate accordingly
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2 days ago

MCA Accountants

Tax Tip: Super Tax Free After 60 - In most cases, payments to individuals from superannuation is tax-free once the individual turns 60. This brings up a multitude of tax planning opportunities involving getting as much as you can into super prior to this, and drawing it down as a supplement to your wage The implementation of these strategies is complex, and we highly recommend that you seek the assistance of a financial planner or an accountant with the appropriate licenses if this is of interest to you We have a financial planner in house and can work through the entire process with you ... See MoreSee Less

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5 days ago

MCA Accountants

Asset Protection Tip: Other things to consider too - When looking to set up your asset protection structure, you should also consider possible future events such as divorce or death. There's not much point setting up a convoluted structure that won't be able to take advantage of the various tax concessions associated with these events, or even one that won't allow you to pass true ownership to your beneficiaries ... See MoreSee Less

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