The Government plans to increase regulation of self-managed super funds detailed in its Stronger Super announcement in September. It has announced support for a long list of changes including giving the Tax Office power to issue administrative penalties payable from the ...

The Full Bench of the High Court has overturned hard-ball tactics on costs by the Tax Office in a case known as Bruton Holdings. There are provisions in the Corporations Act that allow a corporate trustee to be reimbursed for its expenses from ...

A full exemption from CGT applies to the disposal of a small business asset held continuously for 15 years. You must be at least 55 years and intend to retire or else be incapacitated; you must pass the $6m net asset test or the $2m aggregated ...

… previously on tax life … Sam was getting business matters under control and starting to think through the long term. A financial plan was coming together including getting insurances sorted out, estate planning, building superannuation for future retirement and long-term succession planning for the business.

… previously on tax life … Sam had got the new business off the ground and been through the ups and downs of winning orders and then weathering a quiet patch in the business cycle. It was time for some long-term personal and financial planning. Retirement?

The Tribunal has confirmed 75% shortfall penalties on a company and its sole director for not lodging returns in the 2005 income year...

previously on tax life … Sam had been successful in her bid to win the big order but that was now a couple of months ago and times were a lot leaner now.

It’s the classic excuse for a delayed payment from one of your customers: The cheque is in the post!

At the time of writing, there is continuing concern about the Eurozone debacle and the effect this may have on the banking system internationally...

Question: Can you direct me to where I might find more information on the definition of "drawings"? Answer: This is…

Question: Can a super fund invest in CFDs? If so, what is the value of the threshold? Answer: Contracts for…

Question: Our Company has four directors, two of whom do not receive wages or allowances. However, one of these directors...

Question: I live 100 km from work and rent a second place three days a week which is closer. If…

The cash basis of taxing income can be used by most individuals. Under this method your income is not taxed until it is actually received ...

The Tribunal has confirmed a Tax Office decision to include monies borrowed from a self-managed super fund (and subsequently repaid)…

Expecting a high taxable income? You can reduce this by bringing forward expenses likely to be incurred ...