No CGT main residence exemption for non-residents
CGT main residence exemption for individuals who are foreign residents The Government recently tabled legislation, making its second attempt to deny access to the CGT main residence exemption for individuals who are foreign residents (i.e. non-resident taxpayers for Australian tax purposes). The restrictions to this CGT exemption will apply to taxpayers who are a non-resident […]
Reporting asset disposals for CGT
ATO’s data-matching capabilities increase Close attention being paid to capital gains made on shares, property and cryptocurrency. Therefore, it’s important to let us know about any asset disposals (which can include an asset’s sale, loss or destruction) and to keep records relating to CGT events, including asset disposals, for at least five years after the […]
Company or trust home-based business deductions
Deductions for a company or trust home-based business The ATO reminds taxpayers that, if they run their home-based business as a company or trust, their business should have a genuine, market-rate rental contract (or similar agreement) with the owner of the property. The agreement will determine which expenses the business pays for and can claim […]
Is it time to go off-grid?
Pros and cons 0f off-grid living Once considered a radical way to live, many Australians are now viewing an off-grid lifestyle as both economically and environmentally savvy. We delve into some of the pros and cons and whether it’s a good choice for you. Just a few years ago, going off-grid wasn’t something many people […]
Real estate insight from Charlie Ball, Elberton Property
Rapid change gives rise to new breed of real estate agents Omnis Real Estate’s Managing Director Justin Flavel CPA talks with Licensed Property Valuer and Developer, Charlie Ball, from Elberton Property in Subiaco, Perth. Elberton Property is a private property development and project management business founded in 2006 by Charlie Ball. Infilling development sites within […]
Writing on the wall for more real estate disruption
Purplebricks’ market exit only opens the door to newer players If you believe the demise of Purplebricks in Australia is due to the market not wanting or accepting a cheaper alternative to real estate agents, then you are totally incorrect. Purplebricks have openly said they didn’t execute their plan well and they expanded way too […]
Perth’s Hub Residential real estate case study
The Hub Honeypot: business by design The formation of Hub Residential was no flash in the pan. Their view is that real estate is changing and, like so many industries, they needed to change with it by creating a business with better resources and resilience. The concept of Hub Residential had been brewing behind the […]
What is a family trust?
Is a family trust a good solution for you? Family trusts can help you protect your assets, manage your family’s tax more efficiently and enable you to provide an income stream to a vulnerable family member. To decide whether a family trust could be good for your family it’s important to understand how they work and […]
Downsizer contributions
ATO guidance regarding ‘downsizer contributions’ The ability to make ‘downsizer contributions’ effectively commenced on 1 July 2018, prompting the ATO to release further guidance with respect to this new superannuation contribution classification. This new measure will be of most assistance for individuals approaching retirement, where they dispose of their family home in an effort to […]
Perth dentist case study
Financial Planning expertise adds polish to Perth dentist’s affairs Shelley’s experience was like many others when it came to organising her personal affairs. She’d found a financial adviser with whom she worked well but, when he inevitably left for greener pastures, she was offered a litany of replacements that changed too frequently for her liking. […]
