Welcome to this month’s issue of our newsletter. Our aim is to keep you informed about current tax and superannuation related matters.
This month we look at:
- New laws to improve the way super is divided in divorce
- CGT on sales of property inherited by a foreign resident
- CGT retirement exemption where gain is made by a company or trust
- Are you a non-resident for tax purposes? It is important
- ATO extends Covid-19 relief measures for SMSFs
- Becoming the executor of a deceased estate
They say the two inevitable things in life are ‘death and taxes’, and in this newsletter we cover off both – as well as several updates on superannuation.
In the world of tax, we examine how the CGT retirement exemption works where a gain has been made by company or trust – and why it’s best to seek the advice of a professional instead of attempting a DIY!
We also address why the common question ‘Are you an Australian resident for tax purposes?’ is such an important one. (Spoiler alert: the main reason is that if you are, you’re obliged to declare all income earned both in Australia and overseas!)
Becoming the executor of a deceased estate is often seen as an honour, but it’s also a huge responsibility: our third article looks at what’s involved should you ever find yourself appointed to execute the wishes of a deceased loved one.
Over in the superannuation world, we explain the new ‘stapling super’ mechanism, effective as of 1 November, that will automatically carry over an employee’s super fund to their new job with a view to reducing to the old problem of multiple super accounts.
In good news for SMSF trustees financially impacted by COVID-19 lockdowns, our second super article outlines some of the relief that will be available in certain States and Territories in the 2021-22 financial year.
2021 has been, even more so than 2020, the year of working from home for so many of us – but what are the tax implications of using your home as a place of business? Turn to page 3 of our October newsletter to find out.
Click here to read the Rose Partners November 2021 Newsletter.
If you would like to discuss anything raised in the newsletter, please contact our Team.
