In recent articles we've explored the personal and general reasons why many Australians choose not to sell their family home as they move into and through retirement. In this article, we look at ways that make keeping a family home easier once you stop working.
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!
Last week we discussed changes to superannuation that were announced in this month’s Federal Budget. This week, we look at changes that have been announced regarding tax, especially for individuals and small business.
In years gone by, Federal Budget night could be relied on to pretty much re-write the rules on all things superannuation. Not so these days, with this year’s changes almost able to sneak past without anyone noticing.
The world moved a little more back towards normal this week as Commonwealth Treasurer Josh Frydenberg delivered the 2021 Budget at the traditional time of just after Home and Away on the second Tuesday in May.
As we said last week, the secret to good cooking is getting your preparation right. This week, we look at the issue of non-concessional super contributions and how you can aim to optimise this part of your super before June 30.
The secret to good cooking is getting your preparation right. Making sure you have everything you need before you get started let’s you relax and enjoy the process. The same goes for your super – so now is the time to prepare yourself and avoid a rush before June 30.