Legislation restricting access to the small business company tax rate reduction entered Parliament last month. The changes specifically preclude companies with passive investments such as rental property income from qualifying for the small business entity tax rate of 27.5%.
In the 2017-18 Federal Budget the Government announced a series of measures intended to improve housing affordability in Australia. To entice investors, the Government is providing an increase in the CGT discount for individuals who choose to invest in affordable housing.
Every vendor selling a property needs to prove that they are a resident of Australia for tax purposes unless they are happy for the purchaser to withhold a 12.5% withholding tax. From 1 July 2017, every individual selling a property with a sale value of $750,000 or more is affected.
Does superannuation offer an avenue to help downsizers and first home savers? The Government seems to think so. Late last month the detail of the housing initiatives announced in the Federal Budget were released for consultation. We explore what’s on offer and the implications.
Previously the immediate write off was limited to assets which cost less than $1,000. However for the 2016 Financial Year it was increased to $20,000 for businesses with a turnover of less than $2 million.
There have been recent changes to legislation in New South Wales (NSW), Victoria (VIC) and Queensland (QLD) that impose a surcharge on foreigners buying residential land. This can become an issue if a trust deed has been drafted allowing the trustee to distribute income and capital to a broad number of potential beneficiaries.
The election of Donald Trump as President of the United States has certainly been one of the big surprises of 2016. This has already had an impact on our region with the United States pulling out of the Trans-Pacific Partnership (TPP) which would have seen most tariffs and other restrictive policies on agricultural products and industrial goods eliminated or reduced.
It’s becoming quite common in the current property market for friends and family to band together to get a foot in the property market. There can be many benefits of pooling assets, particularly in the initial stages however what will happen years down the track if something goes wrong?
Looking to sell your business and not sure where to start or how to maximise your result, we understand that this can be a stressful time and have put together a list of issues that business owners or investors need to consider when selling a business.
The reforms also amend how employers interact with paid parental leave. At present, paid parental leave is paid via the employer. Under the reforms, parental leave would be paid by the Government unless the employer opts-in to make the payments.
Just like every day people, business owners are just as likely to purchase gifts for employees and clients during the Christmas period. If you have been spending money on your clients, it’s important to note what type of spending is classed as legitimate business expenses and therefore deductible to your business.
Sharing economy is an economic model in which individuals are able to borrow or rent assets owned by someone else. These include things like renting out a room or a whole house, providing taxi services, providing personal services, such as creative and professional services or renting out a car space.
Do you have a great idea? Do you need funding? Crowdfunding is an emerging way of securing funds to see your inventive ideas become reality.