• The place to find the right expertise and make better decisions
  • Find the right expertise

Recent Activity

Ali C.
Ali C.
North Narooma, NSW
0 Likes
0 Followers

I'm getting divorced, I moved out of the family home about 12 months ago and my ex has kept living there. It's taken us this long to work through all the negotiations for the financial consent orders and agree on a settlement. Soon he'll buy me out of the house we lived in together and he'll also transfer some of his superannuation into my super fund. Will I need to pay capital gains tax on either of those?

7 hours ago

Further to my philosophical rant about corporate tax rates, what does everyone think about individual tax rates??? Is the marginal tax system the best tax system??? are the rates and margins right? Should the wealthy end of town pay more? Do low income earners pay enough??? Is the current system of rebates and government benefits based on income too complicated?? (YES!!!) Should families be taxed as "families" not as "individuals"????
cheers
BC

3 days ago
Michael B.
Michael B.
Sydney, NSW
0 Likes
0 Followers

Hi,

What are the tax implications if assets are used to repay a debt instead of an actual cash payment?

An example below:

A loan is provided by party A of $10,000 with 20% interest to party B.

Party B cannot repay and so they hand over a car valued at $12,000 to party A and the agreement is extinguished. No cash has changed hands.

Does party A have to put their hand in their pocket and pay tax after receiving the car?

Thank you.

4 days ago
Andrew B.
Andrew B.
Abbotsford, NSW
2 Likes
0 Followers

Hi

I am currently paid $243,000 per annum and I am expecting an offer of redundancy in the coming weeks. I am unsure of what my tax position will be if I accept the offer. I have worked for 12 years in my current employment.

My employer provides a calculator to work out what the redundancy payment will be. However, they have told me that any offer of redundancy is not finalised until the day the offer is made. The calculator tells me that I should expect the following:

Notice Period Entitlement: $29,600
Severance Payment: $158,500
Annual Leave Entitlement: $15,000
LSL Entitlement: $41,500
Estimated Gross Payment: $244,600

Will I be paying full tax on this payment? Someone mentioned to me that I will pay concessional tax – what does that mean?

4 days ago
Tammy B.
Tammy B.
Engadine, NSW
2 Likes
0 Followers

We want to buy a property to live $1.4M and have $600k deposit. Problem is we have two defaults on our record, both paid. We used to run our own business but my husband is back working fulltime as an employee and earns $90,000 a year and I work 3 days a week and earn $50,000. We have been told the only loan we can get is through a 2nd tier lender and the rate would be 4.8%. Is there a chance we could get a lower rate, under 4%?

5 days ago
Louise L.
Louise L.
Marsden, QLD
1 Likes
0 Followers

Hi,
My partner and I recently started out in a turf laying business. We are contracted work by a turf supplying company, he then pays the boys a gross income as they are running under an ABN like us.
We are not particularly well off and we don’t make a profit, just a living.
I’m just wondering if there is anyone that is willing to offer a bit of beginners advice on how and where things need to be lodged in regards to BAS, Tax Returns, etc ? I’m not needing someone to do it for me, just rather guide me.
Any help would be sincerely appreciated and I understand it is only an opinion, not professional advice.
Kind regards,
Louise

last week

Hi,
just a quick query. Any advice would be greatly appreciated.

My partner and I wish to purchase a home for 990k
We have 400k as a deposit and that is in the form of an apartment we have a sale contract on.
We have 25k in savings and we have an income of 6k nett a fortnight.

The issue is that I myself can not be part of the loan - I previously separated 4 yrs ago and had to take a part 9 debt agreement to continue on in life.

Without my income, my partners is 2k a fortnight,
however - for the past 12 months, one form of my income (superannuation) has been paid into her account and never touched (2k a fortnight). Will the bank be able to take this into account? What are her chances alone on that income to be approved?
I am asking because we would like to place our offer and don't want to be stuck in the dark.
Regards,
PartnerA1

last week

Does someone (not working) need to lodge a tax return?

Circumstances: Over 65 and retired. Approx. $10,000 of investment income (including franking credits) plus an additional $10,000 of assessable capital gains (after 50% discount).

So, with SAPTO and LITO, they won't have to pay any tax. But, their total income is over the $18,200 tax free threshold.

On the ATO website on the 'do you need to do a tax return' tool, one of the things says "Does dividends and distributions exceed $18,200"? and if you pick yes, then it says you do need to do a tax return. Dividends/distributions haven't exceeded $18,200 but they've had a capital gain that has resulted in taxable income being over $18,200.

So, do they need to lodge a return or can they just submit a franking credit refund form for their franking credits?

Thanks,

Glenn

last week
Toni B.
Toni B.
Drummoyne, NSW
2 Likes
0 Followers

Hi, I set up my own contracting business in April this year and have quite a bit of money owing with invoices due to be paid. When I left my old job in March I had quite a bit of holiday pay owing and paid more tax than normal so if the money owed to the business comes in after 30 June will it need to be included in this year’s tax returns as the invoices were dated pre 30 June?

last week
More