by Financially Sorted | Aug 8, 2024 | Property Investment, Tax & Accounting
Under the main residence exemption your family home is exempt from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, is it ever that simple? A home is generally considered to be your main residence if: It is where you and your family...
by Financially Sorted | Jul 30, 2024 | Business, Economy, Finance, Interest Rates, Land Tax, Superannuation, Tax & Accounting, Tax Returns
Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the...
by Financially Sorted | Nov 30, 2023 | Business, Small Business, Tax & Accounting
Providing Christmas gifts to employees can be a thoughtful gesture and can also have tax implications. In many countries, including Australia, the tax treatment of gifts to employees is subject to specific rules. It’s important to consider this before assuming...
by Financially Sorted | Sep 1, 2023 | Business, Small Business, Tax & Accounting
People can experience cash flow problems for various reasons, and these issues can affect individuals, businesses, and organisations. Common reasons why people might have cash flow problems: Irregular Income: People with irregular income sources, such as freelancers...
by Financially Sorted | Sep 1, 2023 | ATO, Tax & Accounting
The ATO is on the warpath and is certainly not afraid of trying to raise some extra revenue lately. You may have recently been imposed by the ATO with General Interest Charges or Penalties due to personal circumstances for late or outstanding lodgments or possible...
by Financially Sorted | Sep 1, 2023 | ATO, Property Investment, SMSF, Tax & Accounting
Once again, the ATO has targeted SMSF property development schemes that divert profits of a property development project to a SMSF. This time, the focus is on using a special purpose vehicle (SPV), which the SMSF directly or indirectly owns. It appears that some SMSF...
