Rolling over your CGT

A capital gain or capital loss is the difference between the cost of an asset and the profit or loss made when it is disposed of.  In certain circumstances, a capital gain from a CGT event can be deferred, or ‘rolled over’, until another CGT event happens which involves an asset in the following events:…

Nominating a beneficiary

Superannuation can often form a significant part of an individual’s wealth. Therefore, the transfer of such an asset upon their death can potentially cause dispute among the deceased’s family and potentially others. Unlike assets owned in an individual’s personal name, superannuation does not form a part of their estate when they pass away. Instead, it…

What are CGT events?

A CGT event occurs when an individual or company makes a capital gain or capital loss by selling or disposing of an asset they own. Determining the timing of a CGT event is quite important, as it determines which income year an individual will report the capital gain or capital loss, and may affect how…

Home-based business expenses

Over the last few years, there has been a significant increase in the number of home-based businesses starting up in Australia. While working from home can help improve a person’s work and life balance, when it comes to claiming home expenses for these business owners, there are a multitude of factors that need to be…

Utilise your small team for success

Small teams provide many benefits to both employees and employers. In comparison to larger teams, small teams are shown to have higher levels of productivity and effective communication. However, a vital component to the success of these teams relates to the support and coordination provided by management. Ways to maximise your small team’s efforts can…

Shares vs property in SMSFs

Shares and property are two very good investment options for those with a self-managed super fund. However, since they both have very different attributes, choosing the one that will achieve the best outcome for an SMSF depends on what the trustee wants to achieve. The advantages of investing in property include: property prices are negotiable…

Avoiding tax scams

If a tax refund or promise sounds too good to be true, then it probably is. Tax scams can take many forms, such as false emails and text messages, but phone scams are the number one threat in Australia. Phone scammers usually impersonate an ATO employee and tell the receiver that they owe a tax…

SMSFs: Getting SuperStream right

Although the new SuperStream standard for superannuation payments can provide SMSF trustees with a number of benefits, around five per cent of SMSFs fail to comply with the SuperStream requirements. Under the new SuperStream system, a non-related employer must send superannuation contributions to an SMSF electronically, using an electronic service address (ESA). For this to…