Where does a company ‘reside’ for tax purposes?

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Australia levies tax on its residents. But how can a company ‘reside’ anywhere for tax purposes? And can a company ‘reside’ in Australia if its directors and or shareholders are overseas? Section 6(1) of the Income Tax Assessment Act 1936 (Cth) defines a “resident of Australia” to include a company that has not been incorporated in Australia, so... Read more continue reading

Top 5 EOFY tips for financial advisers

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With the end of the financial year just around the corner, top of mind for many financial advisers is the indexation of superannuation caps and thresholds, which includes an increase to the ‘preservation age’ relating to when Australians can access their super, as well as the qualifying age for the age pension. Usually a mundane... Read more continue reading

Tax-managing a RAFI portfolio busts the ‘low turnover is tax efficient’ myth

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Superannuation funds moving to a rules-based equity management approach could improve their performance by more than half a percentage point a year by genuinely focusing on after-tax, not pre-tax, returns. The savings from an after-tax focus can be generated without changing the risk profile of the equities strategy. New research by Raewyn Williams, Managing Director,... Read more continue reading

Tis the season to reconsider holiday home liabilities

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The fast-approaching Christmas holiday season is a good time for property investors to reassess their capital gains tax (CGT) obligations and associated cost base – and in particular, whether a holiday house is a wise investment at all, according to HLB Mann Judd Sydney tax partner, Peter Bembrick. “While holiday homes are very popular at... Read more continue reading

Franking credit opportunity before 30 June for share fund investors

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The end of this Financial Year presents savvy Australian share fund investors with the opportunity to top up their franking credits pool and reduce their tax bill. Franking credits collected by many Australian share funds are frequently not recognised in the Fund’s unit price, in which case Credits are often only distributed at Financial Year... Read more continue reading

Tax refunds go begging and building wealth through super or gearing

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Australian taxpayers need to be preparing for the upcoming End of Financial Year period now if they are to maximise their tax planning strategies and receive an optimal tax refund in the 2019/20 financial year. Lodging a tax return sooner rather than later not only ensures any refund is received sooner, but also reduces any... Read more continue reading

Airbnb is a good income earner but what about the CGT?

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Airbnb can create extra income for you and your family, however this can cause some adverse tax consequences. “First of all the income will need to be included in your tax return each year that you earn income from your property. However, a big potential down side is that if you use your principal place... Read more continue reading

Last minute tax tips

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Although there are just a few weeks to go before the end of the financial year, there are still steps that can be taken to minimise tax liabilities, said Peter Bembrick, tax partner with HLB Mann Judd Sydney. “It’s not too late to take action to reduce your tax bill – after all, there’s no... Read more continue reading

Opportunity for businesses to voice tax concerns as federal budget and election loom

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As the tax reform debate reaches fever pitch ahead of this year’s Australian federal election, businesses of all sizes have been invited to weigh in as part of the fifth annual BDO Tax Reform Survey. Open until 11 March, the survey gives businesses around the country a cumulative voice to highlight the tax measures most in... Read more continue reading

BDO’s Mark Molesworth sought after for another term on Board of Taxation Advisory Panel

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BDO in Australia has announced the reappointment of Tax partner Mark Molesworth to the Board of Taxation’s Advisory Panel until the end of 2016. The Advisory Panel draws together some of Australia’s leading taxation professionals who voluntarily contribute their knowledge and expertise. Its purpose is to assist the Board of Taxation in the general performance of its Charter... Read more continue reading