Different areas of the nation have already experienced bushfire, and summer hasn’t finished with us yet. With natural disasters like fires and floods, the last thing anyone affected needs is problems with the Tax Office. There have therefore been put in place some protocols to help taxpayers through such difficult times.
With SMSFs continuing to gather strength, the weight of the sector’s large investment holdings of certain asset classes is starting to be felt. Property continues to be the focus of a lot of SMSF trustees. We look at some salient tips – and point out some traps – about SMSF real estate investment.
Also covered in this month’s newsletter is the tax implications of having a debt “forgiven”, the concessionary treatment available to certain professionals, known as “income averaging”, steps a partnership can take to smooth the transition, tax-wise, when a partnership business changes its makeup, and the common myths surrounding the contractor-vs-employee conundrum.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)