Family trusts have sparked public disputes among some of Australia’s wealthiest families. But how do they function, and is starting a trust an option for everyone? The nation’s richest individual, Gina Rinehart, has been engaged in a protracted legal fight with her children over a family trust lasting over a decade. Similarly, the Murdoch family’s […]
With the increasing cost of living, many Australians are exploring side hustles to supplement their income. Whether you’re freelancing, driving for a rideshare service, selling products online, or creating content, it’s vital to grasp how these activities will impact your taxes. Not accurately declaring your income can lead to unexpected tax bills and penalties. Let’s […]
Are you looking to enhance your superannuation balance as you approach retirement? In simple terms, the downsizer contribution rules are designed to enable older Australians to sell their current home and allocate the proceeds to their super account. Starting from 1 January 2023, new regulations have reduced the minimum eligibility age, allowing individuals aged 55 […]
Delaying the sale of a CGT asset may be beneficial to qualify for the CGT discount. CGT assets encompass various items such as land, buildings, shares, rights and options, leases, units in a unit trust, goodwill, contractual rights, licences, foreign currency, cryptocurrency, and convertible notes. Understanding CGT Discount Eligibility According to the discount rules, when […]
