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Buying a new home before selling the old one: The ins and outs

Sometimes an individual or couple decide to buy a new home before selling their existing one. In such cases, a concession exists that allows for both houses to be treated as a main residence for up to six months – but only if certain conditions…

How to treat work-related travel and living away from home costs

The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work. Certain conditions need to be met to ensure an allowance…

Employee or contractor? There is a difference.

We can understand during difficult economic times that business owners search for ways to reduce their costs and outgoings, however sometimes these decisions can affect others detrimentally. Recently we had a phone call from a client who…
Investing

A pivotal estate planning case study for SMSFs

The case of Wooster v Morris highlights the importance of forethought in succession planning where a self-managed superannuation fund (SMSF) is involved. The “risk” that needs to be managed — as demonstrated in this case — is to ensure…

Super downsizer scheme essentials

Under the superannuation downsizer scheme, people aged 65 and older can make a non-concessional (post-tax) contribution of up to $300,000 from the proceeds of selling what was once their family home. Downsizing enables more effective use of…

Update - Changes to JobSaver Eligibility

Service NSW has made changes to JobSaver eligibility reporting in recent days. If your business is receiving the NSW JobSaver Payment, you will now need to pass the decline in turnover test each fortnight to continue to receive payments.…