It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties.   What often seems to make perfect sense in the real world does not always make sense for the Australian Tax Office (ATO). 

For many businesses, if no pre-existing arrangements are in place, the death of a shareholder can mean having an unknown person (the beneficiary of the shares) actively involved in the business or an unwilling shareholder.

There are some businesses that the ATO do not really think should be taxed like a businesses.  Unfortunately, just having a company or other structure set up does not protect you.

According to a recent Government press release, the Government plans to change the tax treatment of employee share schemes to assist companies in general and certain eligible start-up companies to attract and retain high-quality staff.

Hauled in before a Senate enquiry, media mogul Kerry Packer famously said, “Of course I am minimising my tax. And if anybody in this country doesn’t minimise their tax, they want their heads read, because as a government, I can tell you you’re not spending it that well that we should be donating extra!”

Whether you’re in business or an individual taxpayer, if you have funds flowing between countries, the tax office is going to be interested in you. 

The answer is ‘sometimes’ but you need to be proactive!

The general rule is that superannuation is not part of your estate unless you expressly make it part of your will, right? Well, maybe not.  A recent case before the courts serves as a warning to make sure that you take care of the details.

Individuals have fewer choices when it comes to minimising tax but there are still opportunities depending on your circumstances. 

If you’re confused about what happened to all of those announced Budget cutbacks then you’re not alone.  Many of the Government’s initiatives are stalled in the Senate awaiting final negotiation.  Here’s a quick summary of where everything is up to...