Author name: Oddball

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact. CGT and the main residence exemption Capital gains tax (CGT) applies to gains you have made on the sale […]

In the final sitting of Parliament late last year, the Senate passed amendments that prevent non- residents from accessing the Main Residence Exemption. The controversial measures apply to CGT events happening from 7.30pm (AEST) on 9 May 2017. While the new rules are ‘black and white’ in their application, they do include a short transitional period

You have probably heard people say that you need a million dollars (or some other nice round figure) in Superannuation before you can afford to retire.  Often, they are the same people trying to sell you investment products or advice. Don’t pay attention to them, because there is no magic number. The amount of Superannuation

The ATO has provided relief from lodgement compliance and payment obligations for those impacted by the bushfires. An automatic two month deferral for activity statements lodgements and payments due has been provided to those in affected postcodes. Taxpayers can also call the ATO directly to request further assistance, such as requesting extra time to manage

The countdown to Christmas is now on and we’re in the midst of the headlong rush to get everything done and capitalise on any remaining opportunities before the Christmas lull. Busy period or not, Christmas causes a period of dislocation and volatility for most businesses. This dislocation and volatility mean that it is not ‘business

This month is dominated by the ATOs focus on the validity of deductions being claimed. A new draft PCG sets out the timing of deductions for contributions made through superannuation clearing houses, a new draft ruling on labour costs when developing capital assets sets the boundaries for deductibility (and what to look out for), and

1 December Pay income tax for taxable large/medium taxpayers, companies and super funds. Lodgment of return is due 15 January 2020. Pay income tax for the taxable head company of a consolidated group with a member deemed to be a large/medium taxpayer in the latest year lodged. Lodgment of return is due 15 January 2020. Pay income

21 November Lodge and pay October 2019 monthly business activity statement. 25 November Lodge and pay quarter 1, 2019–20 activity statement if you lodge electronically. 28 November Lodge and pay quarter 1, 2019–20 Superannuation guarantee charge statement – quarterly if the employer did not pay enough contributions on time.Employers lodging a Superannuation guarantee charge statement – quarterly can choose to offset

The Government has resurrected its plan to remove access to the main residence exemption for non-residents – a move that will impact on expats and foreign residents. Back in the 2017-18 Federal Budget, the Government announced that it would remove the ability for non-resident taxpayers to claim the main residence exemption. The unpopular measures were

From Government Distributions from testamentary trusts to minors integrity measures Treasury has released exposure draft legislation aimed at tightening the rules in relation to ‘excepted income’ of minors derived from testamentary trusts. The proposed changes limit the concessional tax treatment of this income by specifying that ‘excepted income’ from testamentary trusts only includes income derived from