The government’s acceptance of a new bright line test should put to rest much confusion over individual tax residency rules that have not kept pace with Australians who lead global lives. The Federal Government’s 2021‑22 Budget announcement that it intends to implement a revised set of individual tax residency rules as recommended by the Board […]
For many small business owners, the major source of retirement funding is the sale of their business or assets owned by the business. Fortunately, there are a number of capital gains tax (CGT) concessions available to small business that reduce or even eliminate the capital gain on the disposal of certain assets. We’ve compiled five […]
Section 100A of the Income Tax Assessment Act 1936 was introduced in 1978 to deal with an egregious practice known as “trust stripping”. That typically involved a trust’s profits being stripped out, tax-free, by paying them to a tax-exempt or loss entity, then being re-settled on the real, intended, beneficiaries.