December 2023 Newsletter

We would like to thank you for your support in 2023. May you have an enjoyable festive season and a prosperous New Year.

Our team are taking a well-deserved break and our office will close on the morning of Friday 22nd December, reopening on Monday 8th January 2024.

This month we look at:

  • Give yourself a super gift this Christmas We provide a super to-do list – including consolidating your super, reviewing your investment strategy, making extra contributions, checking your insurance and more to help boost the amount of super you will have in retirement.
  • Lost or destroyed tax records? Don’t panic! Natural disasters, moving house, technology failures – all of these often unforeseen events can result in the loss or destruction of important documents. This article provides some leads on how to recover lost information – including contacting the ATO, your employer, and of course your friendly tax professional.
  • Taken goods for private use? Here’s the latest values It’s common practice for business owners to take goods from their trading stock for private use. The ATO has released values for these goods for the 2023-24 income year. Be aware that the ATO may accept greater or lesser values – but you must provide evidence to back up your valuation.
  • Two main residences is possible This article looks at the circumstances in which it’s possible to access the main residence for two properties. It’s to do with overlapping ownership for a period of up to six months. The conditions which must be met are complex so you will need the help of your tax adviser. 
  • Don’t ignore those tax debts – the ATO won’t! While the ATO was keen to assist businesses during covid, that period is well and truly over and it is taking a more robust approach to collecting debts. Contact us to see if you are eligible to use the ATO’s Simplified Debt Restructuring program.
  • The taxation of super death benefits The tax treatment of superannuation death benefits can be complex – is the beneficiary a tax dependant? What are the components of the benefit? Will it be paid in a lump sum or income stream? We can help you to ensure your death benefits will be distributed in the most tax-effective manner.

Click here to read the Rose Partners December 2023 Newsletter.

If you would like to discuss anything raised in the newsletter, please contact our Team

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