In This Month's Edition:
There can be capital gains conundrums when sub-dividing the family property, so we run through the typical scenarios to dissect the likely tax outcomes. And another perennial head-scratcher is the deductibility of the interest payable on borrowed funds.
A GST exemption is available when a "going concern" business is involved, so we look at the conditions that must be met. And while the recent tax cut for some companies is welcome, thought needs to be given to the change in tax rates when dealing with dividend credits.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.
Click here to view our May 2017 Newsletter...
TIME RUNNING OUT ON PERSONAL TAXES
Individual taxes for most people must be lodged by May 15 to avoid the risk of ATO penalties.
If your July 1, 2015 to June 30, 2016 return has not been lodged or signed, it may pay you to act quickly by contacting us as soon as possible.
For late lodgements, it is usually better to ask for an extension in advance rather than trying to have the ATO fines for late lodgement overturned.
Please contact us as soon as you can if you are in this position.
MAJOR SUPER CHANGES ON JUNE 30
While superannuation is not something most of us readily think of, it is without doubt the most tax-effective way to save your retirement.
The Federal Government is introducing major Superannuation changes after June 30, which may require people to adjust their superannuation strategies this financial year.
G J Barnett & Associates has several trusted alliance partners who are able to give you advice on these strategies if you need it.
We are also able to set up and administer Self Managed Superannuation Funds, which can help you control how your Super is invested and is a good tool for longer-term property investment.
Please contact us before June 30 if you would like to discuss your Superannuation position and we can help you or point you in the right direction.
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Should you require more information regarding any topic covered in our newsletter, please contact GJB on 02 9686 3130 for advice on #yourself, #yourbusiness or #yoursuper.
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Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.