You will often hear it said that the family home is a tax-free investment. This reflects the fact that there is no capital gains tax paid on your principal residence when you sell it. But capital gains tax is only part of the story. There is more than one way for tax to be incurred, and an often-overlooked tax might be partly the reason for the current boom in house prices.
As the financial year draws to an end, there is still time to talk to your tax adviser about minimizing your tax bill for 2020/21. As a way of reminding you, we thought we would spend some time looking at who pays tax in Australia – and how much they earn before doing so!
This Sunday marks a pivotal date in Australia’s journey out of the ‘economic troubles caused by Coronavirus. The Commonwealth Government’s main economic response to the pandemic, it’s ‘Jobkeeper’ payment, will not continue beyond March the 28th. If the end of the program affects you, please get in touch.
As our last post for 2020, we simply want to say: well done on getting through 2020! We hope that, like the smiling boy in this picture, who has found a way to turn an upside-down world into a source of delight, you and your loved are able to find some fun and lightness this holiday season.
This year has been a year like no other. Now that summer is with us, can we encourage you to take a holiday if that is at all possible for you? This year, more than ever, a holiday may be the most important thing you do – and not just for yourself!
This week we bring you our analysis of the ways in which the recent Budget will impact on businesses. The main avenue for assisting business is an expansion of the instant asset write-off scheme that has been in operation for a few years now. Support for employment is also expanded – and there is even a little bit of support for businesses that try to help staff who they have had to make redundant.
This week we bring you our analysis of the ways in which the recent Budget will impact on households. The main impact will be for working people who will enjoy a series of tax cuts, but there is also some relief for people on income support due to age or disability and some incentives for employers to hire people on income support due to unemployment.