Blog


08 Oct 2015

Claiming losses against your income

Case Study Frank is a lawyer in the city who has an adjusted taxable income of $290,000 a year. His wife Margaret is an office manager with an income of $39,000. They run a beef cattle farming operation in partnership which is currently running at a loss of $30,000 a year. The value of the land where they operate their farming business is $600,000. They...

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26 Aug 2015

Early access to superannuation

There are specific circumstances in which a member can access their superannuation benefits before reaching preservation age, including: Terminal illness Financial hardship Permanent incapacity Temporary incapacity Compassionate grounds Case Study Bill is 54 years old and has terminal cancer, he is worried about how he will pay his medical costs and is concerned about the burden on his family. Bill’s GP and cancer specialist have...

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07 Jul 2015

The budget and small business

Joe runs a business in the agricultural sector as a sole trader. He is considering expanding his business and is wondering how the recent budget announcements will impact him. Under announced measures, any small business with turnover below $2 million will be able to claim an immediate deduction for each asset with a cost of less than $20,000 which is acquired from 12 May 2015...

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07 Jul 2015

Are you looking to retire before the age of 60?

Retirement benefits from superannuation should be accessed in the most tax effective manner. Consider Lyn’s case: Lyn, aged 57, is retiring. Lyn requires $80,000 (pre-tax) per annum to maintain her lifestyle. Her current superannuation balance of $1,000,000 comprises 50% taxable component and 50% tax free component. Transitional Pension Lyn may commence a transitional pension up until the age of 60 and withdraw the required $80,000...

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07 Jul 2015

Considering divorce? Consider this…

As confirmed by recent taxation pronouncements, money or other assets transferred out of a company as part of a divorce settlement are treated as a dividend and will have tax consequences to the recipient. Case Study Jack and Jill are divorcing and run a company worth $2 million. This is their only matrimonial asset. Jack is the sole director and shareholder. The Family Court Order...

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07 Jul 2015

Not for Profit – Should you be getting an audit?

Not-for-profit Associations are viewed in three tiers for the purposes of determining audit requirements: Tier 1 – Revenue less than $250,000. No audit or review required, unless specifically requested by the members or regulator; Tier 2 – Revenue from $250,000 to $1 million. A review by an independent accountant is required as a minimum; Tier 3 – Revenue more than $1 million. An audit is...

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07 Jul 2015

Are you an investor or share trader?

As recent share market conditions have improved many people are looking to invest available funds in shares. Consider Mary: Mary works part-time in a financial planner’s office and has a keen interest in the share market. Mary has $150,000 to invest and is considering the different tax implications if she is classified as a share trader or a share investor. As a share trader profits...

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07 Jul 2015

Work from home?

Tim works from home as a Graphic Designer and would like to know what tax deductions he may be able to claim. He has calculated that his home office represents 20% of the total area of the dwelling. As Tim has a dedicated office at home and has no other place of business he can claim the relevant proportion of occupancy expenses as well as...

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