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Capital Gains Tax (“CGT”) applies to the capital gain made when land and buildings are sold by a taxpayer. In simple terms the capital gains is the difference between the sales price (net of selling costs) and the cost price (plus stamp duty, legals and the costs of acquisition). You […]

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In an August 2014 announcement, the ATO has advised that it is using extensive data analysis to identify areas requiring attention across all “work-related expense claims”, regardless of occupation. They are paying particular attention to work-related expense claims relating to: overnight travel transporting bulky tools and equipment the work-related use […]

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Low income superannuation contribution (LISC) From 1 July 2012, the government provides a low income superannuation contribution (LISC) of up to $500 annually for eligible individuals on adjusted taxable incomes of up to $37,000. The amount payable under this measure will be calculated by applying a 15% matching rate to […]

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What, the government is giving money away?  I’ll have some of that please. If you’re eligible, and make a personal after-tax contribution of up to $1,000 into your superannuation fund by 30 June 2014, the government matches it 50c for every $1. With up to $500 in government co-contributions, it’s […]

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