A home’s equity is the difference between the market value of the property and the amount the owner still owes on their home loan. For example, if the home is worth $800,000 and the homeowner owes $450,000, they have $350,000 in equity. There many ways homeowners can build equity in their home to improve their […]

By Westcourt Blogger The ATO is currently targeting contrived trust arrangements that minimise tax by creating artificial differences between the taxable net income and distributable income of closely held trusts. Arrangements where trustees are engineering a reduction in trust income to improperly gain favourable tax breaks or pay no tax at all are being targeted […]

By Westcourt Blogger A mandatory component of managing a self-managed super fund (SMSF) is planning out what will happen to the fund if its trustee was to pass away. While succession planning may not be one of the first responsibilities that comes to mind when managing an SMSF, it is a necessity that can provide […]

Tax offsets (also known as’rebates’) can directly reduce the amount of tax payable on a person’s taxable income. While claiming certain tax offsets can reduce a person’s tax payable to zero, on their own, they cannot create a tax refund. Here are three common types of tax offsets some individuals are eligible to claim: Health […]

Since superannuation forms one of a couple’s biggest assets, splitting superannuation after a separation can be a complex process. Superannuation is treated as property under the Family Law Act 1975 (Cth). Once a relationship ends, superannuation can either by split by agreement or court order. Generally, parties will try to negotiate an agreement between themselves […]

The Australian Tax Office has recently collaborated with industry representatives to develop a safe harbour for car fringe benefits. A safe harbour is a guideline that allows Australian businesses to make use of an efficient way to calculate tax where certain conditions are met. This particular safe harbour will simplify the approach for working out […]