Monthly update, April 2021

Some money is not counted as ‘income’ by the ATO

When it comes to selling property and CGT liabilities, the timing of the transaction can be more important than many expect. We also look at the fact that not every type of income is taxed, with some money escaping tax altogether.

There are new insolvency reforms that could help some small businesses in their climb out of the COVID-19 bunker. We cover the deductibility or otherwise of the costs of re-financing a partnership, and provide some tips on managing your super fund’s transfer balance account.

This issue reflects the law when it was published. Tax and super rules change often, so please call us before acting on anything in it.