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The Government has announced that from 1 July 2025, an additional tax of 15% will apply to a new definition of ‘earnings’ for superannuation balances exceeding $3 million.
There are many things to think about when selling any property.
Obviously getting the best price is important but what about the myriad of taxing points you need to consider? Here are some things to think about.
Whether you’re selling a property to pay down debt or reinvest elsewhere, quantifying any tax liability as a result of a property sale is a significant factor to determine what cash you have to play with.
A recent High Court decision, Bosanac v Commissioner of Taxation [2022] HCA 34, delivered on 12 October 2022 has upheld two important presumptions in equity, these being the presumption of resulting trust and the presumption of advancement.
Members, Tax, Assets – huh?
For many, understanding superannuation financials, member statements and different accounting policies is a complication you would rather avoid.
Dealing with self-managed superannuation fund (SMSF) matters during a separation can be complex, so having a good grasp of the fundamental issues and documents can help reach the best outcome.
It is all too easy to delay your estate planning, as thinking about what happens to your estate after you pass away can be quite daunting. All too often, people fail to ensure their estate is properly taken care of, which can result in unnecessary stress for their loved ones.
When separating from your spouse there are often headline issues like sorting out the custody of the children, ongoing support payments, and splitting assets which take priority over other items.
With rapidly declining rental vacancies and lower numbers of properties for sale in Western Australia, property is once again becoming a topic of interest, and the ever-popular question is coming up once again:
As June 30 now fades into the sunset, all the EOFY marketing slogans are boxed up and put away for another year, and 1 July becomes just another day in the calendar.
It is the future business planning that will determine what tomorrow looks like.