Income Tax cuts in Federal Budget Benefiting high income earners
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Options to consider before declaring bankruptcy
Businesses struggling with debt may feel like declaring bankruptcy is their only option. Premature bankruptcy is an unfortunately common scenario but there are ways businesses can deal with unmanageable debt before declaring bankruptcy. Temporary Debt Protection (TDP) Businesses with debt they can’t pay or are being taken action against by unsecured creditors can apply for…
Divorce and splitting your SMSF assets
Running an SMSF under regular circumstances comes with enough compliance obligations as it is. Adding divorce or separation into the equation can raise even more legal and tax issues that need to be addressed. The breakdown of your relationship does not absolve you from your responsibilities as an SMSF trustee; you are still expected to…
Claiming self-education expense deductions
Individuals upskilling and educating themselves during these down times may be eligible to claim a deduction for their self-education expenses. The deductions apply to self-education activities that are directly related to an individual’s work as an employee. In the case that individuals are looking to claim self-education expenses based on a course’s relation to their…
Don’t let the Taxman disinherit your family!
Imagine if, after all your hard work, up to 40% of your accumulated wealth over $275,000 were to go to the Taxman when you died! Unfortunately, that’s a real possibility thanks to capital gains tax. But help is at hand: in many cases, it is possible to considerably reduce and sometimes eliminate altogether a person’s…