Uncategorized
October 28, 2024
01 Succession: the series
Ok, not that Succession series. Each month we’ll bring you a new perspective on transferring property. Be it estate planning, managing an inheritance, or the various forms of business succession. This month, we look at the tax consequences of inheriting property. Beyond the difficult task of dividing up your assets and determining who should get…
October 28, 2024
Payday super: the details
‘Payday super’ will overhaul the way in which superannuation guarantee is administered. We look at the first details and the impending obligations on employers. From 1 July 2026, employers will be obligated to pay superannuation guarantee (SG) on behalf of their employees on the same day as salary and wages instead of the current quarterly…
August 13, 2024
Appointment of Rhianan Henderson as Director – Operations
With the continued growth and development of DAA, it is with great pleasure that we announce the appointment of Rhianan Henderson to the role of Director – Operations. Rhianan was DAA’s very first employee in 2009. Today, we are an established and complex business and Rhianan’s dedication and professionalism have been instrumental in managing the…
July 1, 2024
Is your family home really tax free?
The main residence exemption exempts your family home from capital gains tax (CGT) when you dispose of it. But, like all things involving tax, it’s never that simple. As the character of Darryl Kerrigan in The Castle said, “it’s not a house. It’s a home,” and the Australian Taxation Office’s (ATO) interpretation of a main…
July 1, 2024
$20k instant asset write-off passes Parliament
Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days prior to the end of the financial year. Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between 1 July 2023 and 30 June 2024 can potentially…
June 28, 2024
Appointment of Hayden Bunyan as Principal at DAA
It is with great pleasure we announce the appointment of Hayden Bunyan as a Principal of DAA. Hayden joined us in August 2015 and from the outset he was an enthusiastic and motivated young accountant with a strong work ethic and desire to learn. In the ten years since, Hayden has worked tirelessly on his…
April 30, 2024
Company Money Crackdown and The “Bank of Mum & Dad”
Company money crackdown The ATO is cracking down on business owners who take money or use company resources for themselves. It’s common for business owners to utilise company resources for their personal use. The business is often such a part of their life that the line distinguishing ‘the business’ from their life can be blurred….
February 1, 2024
The problem when the evidence doesn’t match what the taxpayer tells the ATO
A recent case before the Administrative Appeals Tribunal (AAT) highlights the importance of ensuring that the evidence supports the tax position you are taking. The case involves heritage farmland originally purchased for $1.6m that sold 7 years later for $4.25m and the GST debt that the ATO is now pursuing on the sale. In 2013,…
February 1, 2024
Can my SMSF invest in property development?
Australians love property and the lure of a 15% preferential tax rate on income during the accumulation phase, and potentially no tax during retirement, is a strong incentive for many SMSF trustees to dream of large returns from property development. We look at the pros, cons, and problems that often occur. An SMSF can invest…
January 31, 2024
Stage 3 personal income tax cuts redesigned
The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Prime Minister has announced that the Government will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. Relative to the current…
