Q. When will a sale of a share of stock trigger a Capital Gains Tax (CGT)?

Q.  My mum passed away recently. Mum and dad purchased some Australian shares prior to September 1985. My dad died in 2002. I don’t have a copy of his will but I believe they owned them jointly, and when he died my mum was the beneficiary. She sold her shares last year and sadly passed later that year. The accountant […]

What is the difference between owning insurance inside and outside of Superannuation?

Q . I have read that I should always hold my life insurance inside Superannuation.  Why is this and what is the difference between owning insurance inside and outside of Super? I have Death and Total Permanent Disability insurance provided by my Employer via my Superannuation fund.  I am 38 single with no kids.  On […]

Q. With the new financial year, my husband and I would like to take stock and focus on planning for the financial year ahead. How should we approach this?

Q. With the new financial year, my husband and I would like to take stock and focus on planning for the financial year ahead.  He is 52 and I am 50.  His income is $170,000.  I have returned to work 3 days a week and my part time income is $36,000.  We have two children; […]

Q. Can I claim my Financial Planning Advice cost as a tax deduction?

Q. When I engage my accountant to do my tax returns I am able to claim a tax deduction for the work provided.  I have been advised that the same is not true for Financial Planning advice.  Can you please explain what I can and cannot claim as a tax deduction in relation to receiving Financial […]

Q. What is the latest date I am able to lodge my return? What are the rules around this?

Q. I am aware that June 30 is the last day of the financial year. What is the latest date I am able to lodge my return?  What are the rules around this? I hear different dates mentioned. A. Tax return due dates depends upon a range of criteria.  If you are an individual lodging your […]

Q. I am a retired widow and have been receiving Age Pension & dividends from a small share portfolio. Do I have to lodge a tax return?

Q. I have been retired now for nearly 20 years and widowed.  I receive the  Age Pension and dividends from a small share portfolio.  Do I have to lodge a tax return?  I don’t generate sufficient income to pay tax.  I have previously lodged tax returns via an accountant to get a refund on the […]

Should a self-employed IT contractor with ABN, eligible to claim a tax deduction for personal super contributions?

Q: I am a self-employed IT contractor with my own ABN.  I contract to one company and the current contract has been in force for more than 12 months.  As a self-employed person, am I able to claim a tax deduction for contributions I make to Superannuation?  I receive no Superannuation from the company I […]

When is Capital Gains Tax exempt?

Q. I have owned my home for 10 years and I worked overseas and rented it out for 3 of those years.  I have been told I may have to pay Capital Gains Tax (CGT) on a portion of the gain.  Is this the case? A. Your home is exempt from CGT provided it is […]