Lifestyle Assets Do you own “lifestyle assets” such as an expensive car, fine art or a boat? If so, the ATO may be checking to see that your declared income can support your lifestyle. The ATO is using its extensive powers and has instructed over 30 insurance companies (targeting approximately 350,000 people) to provide information …
Some cashed-up parents naturally want to give their children a head start financially, but the big question is how best to help them. Financial assistance typically falls into a few broad categories: Financial backing to get older children into the property market. Long-term investments in platforms, such as trusts and investment bonds, that mature when …
If you have a business partner(s) have you ever considered what would happen if that person was unable to continue to work in the business or worse still that person died? Aside from the emotional grief of losing a close working and highly skilled business partner, the remaining business partner in these circumstances will also …
Whilst we are all struggling to keep up with the rate of change within the superannuation sector, this year there are some welcome changes which may help people boost their retirement savings and also save some personal income tax. Carry forward concessional (tax deductible) contributions With effect from 1 July 2019 superannuation fund members with …
The Federal Government has passed legislation which prevents people who have been Australian residents for tax purposes for many years from using the CGT main residence exemption (MRE) if they are foreign residents at the time they sell their property (with limited exceptions). An example of how this new legislation applies is detailed below. An …
Foreign Residents – Watch that CGT Main Residence Exemption! Read More »
Welcome to our 3rd edition of Coeus Chronicles. In Greek mythology Coeus was a Titan respected for his intellect, resolve and gift of foresight. At Coeus Advisers we use these qualities to assist our clients to make the right decisions in the areas of taxation, business finance and investments. What a year it has been, …
Small Business in the ATO’s sights New analysis by the ATO has revealed the size of tax gaps across various sectors of Australia’s economy, and found that small businesses account for the lion’s share of unpaid or underpaid taxes. Using the 2015–16 financial year as the foundation of its analysis, the ATO estimated that small …
Does your discretionary trust own land? Beware of foreign person land tax surcharge!!! All Australian states and territories (except Northern Territory) have introduced foreign person surcharge duty and/or foreign person surcharge land tax which may result in additional land tax and transfer duty for land holdings in discretionary trusts. The changes to the law in …
If you are considering or already are exporting your goods or services then you should be aware of the financial assistance provided by the Federal Government through AusIndustry known as the Export Market Development Grant. What is the Export Market Development Grant? The Export Market Development Grant (EMDG) scheme is an Australian Government financial assistance …
Incentives for Exporters – Export Market Development Grants Read More »
Are you properly insured? You would not drive your new car without a cover note however most people do not insure the million-dollar driver behind the wheel. Research shows that less than 10% of Australians have adequately insured their most valuable asset, themselves. At Coeus Advisers we believe that all clients should have appropriate insurances …
Income Protection Insurance – Why do you need it Read More »
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