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Capital Gains Withholding: Real Estate Agents

Capital Gains Withholding: Real Estate Agents

Since July 2017 an Australian resident selling real estatate that has a market value greater than $750,000 will need to apply for a clearance certificate. This application is to the ATO and attempts to ensure that amounts are not withheld from sale proceeds. When a valid clearance certificate is absent at settlement, and has not been previously presented, 12.5% of the purchase price must be withheld by the purchaser. This 12.5% is to be paid to the ATO. To acquire a clearance

Assured quality in qualifications

Assured quality in qualifications

We all wish to ensure that we have a quality assurance of a service paid for. Many people wonder about what accountants are allowed to do what elements of tax, so we thought we would give a few key elements to look for in knowing the qualification of your accountant. We should mention that we possess all the required qualifications to handle any form of accounting service required. Accountants require constant study to be up to date with the dynamic taxing requirements. In ad

Trust and Auditors: A few key reminders

Trust and Auditors: A few key reminders

While trusts are often required for particular industry practices, such as real estate, they do require strict management. The penalties can include jail time if it appears something naughty is occurring, giving that extra incentive to know your stuff. As such we thought it would be suitable to give a brief summary of what is important, not a replacement for legislation, but to help recap and remind of key things to be aware of. The most notable thing to remember is not to mi

Tax Planning: Frankly there are better ways to distribute your profits

Tax Planning: Frankly there are better ways to distribute your profits

Tax planning allows an appreciation through estimating a clients' of the current year financial performance. Based upon this an accountant works out tax optimisation strategies for example the trust distribution, utilising company franking credits or restructuring the business. Usually this is done before the end of financial year around May or June. Only companies can use franking. For a company the tax rate used to be 30%, so when company profits were taxed at 30% it create

Trusts: A form of Asset Protection

Trusts: A form of Asset Protection

A trust is a legal arrangement where assets are held by a person or company, referred to as a trustee, for the benefit of others, such as you, your family, or your business. In addition to asset protection, trusts also provide significant tax-saving and wealth-creation benefits though because the benefits a trust can offer are diverse, such as passing your assets to future generations without any tax or stamp duty consequences and legally reduce taxes by distributing income t

Self Managed Superannuation Funds

Self Managed Superannuation Funds

Self managed superannuation funds are a percentage of your income, and or voluntary contributions that are intended to be used when you reach the required age for retirement. You generally are automatically receiving funds into one if you are an employee and are required by law to utilise one. Given it is a requirement you have, why not make sure it is how you want it. Super funds typically are automatically invested in an industry specific fund, however once a threshold of r

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Fact, Fiction or Half Truth: Can a tax reduction for business give an incentive to employ more?

Fact, Fiction or Half Truth: Can a tax reduction for business give an incentive to employ more?

Budget Forecasting: A pivot point for Start-up and Small Businesses

Budget Forecasting: A pivot point for Start-up and Small Businesses

Business Structure: Start-up Businesses & Restructuring

Business Structure: Start-up Businesses & Restructuring

Common Office Claims

Common Office Claims

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