Welcome to this month’s issue of our newsletter. Our aim is to keep you informed about current tax and superannuation related matters.
This month we look at:
New laws to improve the way super is divided in divorce
CGT on sales of property inherited by a foreign resident
CGT retirement exemption where gain is made by a company or trust
Are you a non-resident for tax purposes? It is important
ATO extends Covid-19 relief measures for SMSFs
Becoming the executor of a deceased estate
They say the two inevitable things in life are ‘death and taxes’, and in this newsletter we cover off both – as well as several updates on superannuation.
In the world of tax, we examine how the CGT retirement exemption works where a gain has been made by company or trust – and why it’s best to seek the advice of a professional instead of attempting a DIY!
We also address why the common question ‘Are you an Australian resident for tax purposes?’ is such an important one. (Spoiler alert: the main reason is that if you are, you’re obliged to declare all income earned both in Australia and overseas!)
Becoming the executor of a deceased estate is often seen as an honour, but it’s also a huge responsibility: our third article looks at what’s involved should you ever find yourself appointed to execute the wishes of a deceased loved one.
Over in the superannuation world, we explain the new ‘stapling super’ mechanism, effective as of 1 November, that will automatically carry over an employee’s super fund to their new job with a view to reducing to the old problem of multiple super accounts.
In good news for SMSF trustees financially impacted by COVID-19 lockdowns, our second super article outlines some of the relief that will be available in certain States and Territories in the 2021-22 financial year.
2021 has been, even more so than 2020, the year of working from home for so many of us – but what are the tax implications of using your home as a place of business? Turn to page 3 of our October newsletter to find out.