Four Per Cent Stamp Duty Surcharge for Overseas Investors Buying Residential Real Estate in NSW

Last month it was announced by Treasurer Gladys Berejiklian that overseas investors buying residential property in NSW will be faced with a 4% stamp duty surcharge, as well as a 0.75% annual land tax in 2017, in a supposed attempt to tackle housing affordability in Sydney.

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Transfer of Business Assets & Private Company Shares

As recently confirmed by the NSW Treasurer, the transfer duty of the transfer of business assets has been abolished as of July 1st.This also includes the transfer of private company shares and mortgage duty.

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How New Laws May Impact Your Use of an Earnout Right when Buying or Selling a Business.

New legislation was introduced on the 25th February 2016, affecting look-through earnout rights from the 24th April 2015 onwards. It changes the capital gains tax (CGT) treatment on these earnout rights. If you have bought or sold a business after this date using an earnout right, it is valuable to look into what effect these changes may have on you.

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New Withholding for Non Residents

A new capital gains tax (CGT) withholding regime will apply from 1 July 2016.

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Getting Organized and Planning Effectively This EOFY

The EOFY is fast approaching and now is the time to start getting your business affairs in order to ensure you are in the best possible position by the June 30th cut off. Keeping accurate records of your expenses throughout the year can make this period easier for you, as well as making sure you know what is and isn’t eligible for deductions. On top of this, it’s important to pay attention to other areas that should be considered such as superannuation, assets, and moving to the Cloud. (more…)

Aiming to Make a Final Non Concessional Superannuation Contribution for 2016? Be Careful!

Given the election campaign and build-up of rhetoric from political leaders, it can be tempting to ignore the proposed changes to superannuation announced in the 2016 Budget speech and simply carry on as ‘business as usual’ when it comes to making super contribution. After all, unless the Coalition is re-elected and the proposed legislation is passed, these changes may not happen. (more…)

Business Protection Insurance

How would the loss of a key person impact your business, income and assets? One of the most important ways to protect your business in the event of a loss is to ensure you have sufficient business protection insurance in place. Business Expense Insurance and Key Person Insurance both help to secure your business should these circumstances occur.

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WHAT IS THE BEST WAY TO PAY OFF YOUR DEBTS?

The key to efficiently and effectively paying off your debts is to have a structured and organised plan. Although there are many ways to go about it, we’ll be focusing on two of the most popular methods for becoming debt-free.

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WORK RELATED CAR EXPENSES – WHAT’S LEGAL?

It can be tricky to know exactly what is and isn’t legal when it comes to claiming deductions for work related car expenses. Thankfully, the ATO helps provide some guidelines as to what you can and cannot claim back on their website. Car expenses include deductions you claim for using your own car, which can also include a car that you lease or hire, whereas using someone else’s car is classified as a travel expense, as you are eligible only to claim back direct expenses such as fuel. Furthermore, you are only able to claim the work related portion if the travel was partly private.

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FBT 2016 – WHAT YOU SHOULD KNOW

The Fringe Benefits Tax (FBT) is a tax paid by employers on certain benefits provided to their employees, which may be in addition to their salary or wages package.

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