Budget Musings: Changes to negative gearing, the CGT discount on the cards
Even before the current war in the Middle East, the Budget has clearly been under some pressure. Recent comments from various government sources suggest that changes to the tax rules around investment properties could be under serious consideration. So, what sort of changes could we see on 12th May? And how might they affect you?
Fuel Response Payment Plan
If you’re experiencing financial difficulties because of the spike in fuel prices due to the Middle East conflict, even indirectly, you may be able to benefit from the ATO’s fuel response payment plan. It may only be a deferral, but it could make a difference in these difficult times
CGT: Buying a new home before selling the old
If you find yourself in the position of having bought yourself a new home before you sold your existing home, there are important CGT issues to consider - and these centre on the fact that under the CGT rules, you cannot have two or more CGT exempt homes at the same time.
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Permanent Incapacity and Super: What it means if you're totally and permanently disabled
Most people think of superannuation as money they can’t touch until retirement, but there are important exceptions. One significant exception is the permanent incapacity condition of release, which can allow people who are totally and permanently disabled to access their super earlier.
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Change to the tax treatment of holiday homes
No doubt noting the grow trend for people to rent out property for short-term accommodation, the ATO has withdrawn a 40-year old ruling and replaced it with a new draft Taxation Ruling accompanied by two draft Practical Compliance Guideliness.......
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