Many people are unaware of what happens to their superannuation on death. Unlike other assets, the balance of your member account in your superannuation fund does not necessarily pass to the beneficiaries under your Will. (more…)
Author: cantaxdnexia
Should I purchase life insurance in my super fund?
Many superannuation providers offer the option of purchasing life insurance through your superannuation fund. Self-Managed Superannuation Funds are also able to purchase life insurance within the fund. However, many people do not fully understand the advantages and disadvantages of purchasing life cover through their superannuation fund.
This article explains the implications of holding life insurance policies within superannuation funds, so that you can make an informed decision. (more…)
Are you a foreigner considering an Australian investment?
Australia’s foreign investment laws have recently changed.
The overarching purpose of the foreign investment laws remains the same – the laws are designed to encourage foreign investment that is not contrary to Australia’s national interest. But some of the detail and administrative arrangements have changed.
Payroll Tax – Issues and Consequences
As a tax advisor, payroll tax is difficult because we are never really taught payroll tax.
Earnout rights | Amendments passed
What is an earnout arrangement?
Earnout arrangements are commonly used in the sale of a business when buyer and seller cannot agree on how and/or when the sale price should be paid. Under an earnout arrangement, the parties usually agree to pay the full consideration based on the future performance of the business. This commercial arrangement is struck to give confidence to the buyer that an excessive price is not being paid.
The application of the Australian income tax and capital gains tax (CGT) laws to earnout arrangements has been uncertain for a number of years. However on 25 February 2016, laws were enacted to clarify the tax treatment. (more…)
Structuring Your Business
The Big Step
Starting a business is a big step. There is a lot to think about – a business plan, leases, finance, staff, marketing, and so on. People often think about tax when they are setting out, in the sense that they know they may need to register for an ABN, GST, PAYG withholding (if employees will be engaged) and obtain a tax file number for the new trading entity. Some people think about putting money aside for income tax at the end of the year.
Dealing with the ATO
UK Inheritance Tax: Could you be affected?
Fortunately in Australia we do not have inheritance tax. But you may be surprised to learn that if you die in Australia holding UK situated assets, your estate still could be caught by UK inheritance tax. This article is the first in a series about UK inheritance tax.
How Do I Know If I Have Changed My Australian or UK Tax Residence?
In today’s world people are travelling, working and living more and more outside their country of birth. Sometimes when the needs of your business or personal life change, you can find yourself spending a lot of time overseas. Many people are unaware of the tax implications of doing so. This article looks at some of the things that you might need to think about if you are travelling abroad frequently.