Monthly update, September 2023

Thought of registering a trademark for your new business?

Whether it be course and tuition fees, professional and trade journals, textbooks, airfares, accommodations or meals…there are potentially a wide range of expenses that may qualify as deductible for self-education purposes. However, there are key hurdles that must be cleared. First, the self-education must maintain or improve your current skills or knowledge. Alternatively, the self-education must lead to or be likely to lead to an increase in income from your current income-earning activities.

Meanwhile, it’s important for investors and other holders of CGT assets (such as rental properties, shares, land, units in a unit trust etc.) to have a general understanding of the 50% CGT discount. This discount allows a 50% discount on a capital gain where an asset is sold after being held for 12 months or more. Most entities (excepts companies and non-residents) are eligible. To meet the 12-month requirement you may wish to retain an asset for longer than you otherwise had planned.

Sometimes promoters of schemes target self-managed super funds (SMSFs). Schemes can include tax avoidance arrangements that inappropriately channel money or assets into your SMSF so you pay less tax. They may also include arrangements promoting the illegal early release of benefits from your fund for personal use. If you have been approached you should check the ASIC Financial Register to make sure the promoter has a financial licence.

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.