Accounting & Wealth Insights

A taxpayer has learned that no capital gains tax event would occur on the transfer of real property from themselves to a family member. A recent private binding ruling highlights that a beneficial ownership of an asset doesn’t solely relate to shares in a company or beneficiaries of trusts and can occur to real property owned by individuals.

Companies, trusts and partnerships can simplify their transfer pricing record-keeping requirements if any of following options applies:

When Tax Laws Amendment (2011 Measures No 9) Bill 2011 was given royal assent on 21 March 2012, it allowed certain discretions to the Commissioner of Taxation. One such discretion allowed an extension of time for capital gains tax exemption for a dwellings of a deceased estate.

The Long Service Corporation operates the portable long service leave scheme available to workers in the industry. If you operate in the building and construction industry and you employ workers, you must be registered with the Long Service Corporation in NSW. You may need to register both as an employer and as a worker if you are self-employed.

New legislation to be introduced by the government is planning to give an allowance to all people over 65 the ability to contribute to super funds even after finishing work.

The ATO has drafted safe harbour guidelines for apportioning payments made to professional sportspersons for the use of their public fame or image. The ATO will accept that 10% of a sportsperson’s playing contract is associated with these appearances.

Recently, the ATO announced that they will be putting further resources behind ensuring employers meet their superannuation guarantee obligations.