News & Tax Insights

Our New Website is Now Live!

Blog Post
With over 50 years of experience helping businesses solve complex problems and seizing opportunities, we felt that an improved online presence is the best way for Lovetts to share our experience, knowledge and information with you. We continue to thrive on solving your problems, whether they’re complex or unusual in nature and love going the extra mile to get you the result you want and need. The new-look website will be updated regularly with blog articles and the new format is now mobile-friendly! Watch our “Who We Are” video on the website and keep an eye on your email Inbox…

Warning – Your home sale may be subject to big tax if you go overseas

Blog Post
Treasury has released draft legislation to impose capital gains tax on the sale of your Australian home if you have become non-resident, punishing ordinary Australians that need to travel internationally for work. It follows an announcement made in the May 2017 Budget. If you sell your home, broadly, there is an exemption from tax on the gain you make during the period that you use the property as your main residence - the main residence exemption. Further, if you are away from your home the main residence exemption is extended indefinitely or if you rent your house out, you can…

Family trusts allow the rich to dodge tax, hurting Australia’s poor. Not!

Blog Post
Family trusts are used extensively in Australia, much more so than other countries. Why is that? Is it so the Australia’s evil rich folk can dodge tax forcing the poor to pay more? We don’t believe so. Family trusts are used to solve real financial problems in an efficient way. They offer several distinct advantages including: Providing corporate limited liability by using a company as trustee protecting assets from malicious litigation Protecting family assets from children’s gold digging partners Succession planning to allow business and other assets to seamlessly transfer from one spouse or generation to another Providing flow through…

FIFO workers now have superannuation opportunity

Blog Post
A big superannuation disadvantage existed for fly-in fly-out resources professionals working overseas for a foreign company.  The foreign company is not obliged and probably not able to make superannuation contributions and the professional was not able to make deductible personal contributions. The problem for an overseas FIFO professional was this: She is likely a resident of Australia for tax purposes The foreign employer can’t or won’t make superannuation contributions The mining professional would like to get tax deductions for personal contributions The requirement was, in effect, to be ‘self-employed’ and satisfy the 10% test That test requires less than 10%…

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