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Federal Budget 2021

Federal Budget 2021

PERSONAL TAXATION Personal tax rates unchanged for 2021–2022 In the Budget, the Government did not announce any personal tax rates changes, having already brought forward the Stage 2 tax rates to 1 July 2020 in the October 2020 Budget. The Stage 3 tax changes will commence from 1 July 2024, as previously legislated. The 2021–2022 …

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CARDS

THE ROLE OF TRUSTS

Whilst the concept of trusts has been around for hundreds of years, the use of modern trusts as we know them in Australia today gained popularity in the late 1970s. Whilst the use of trusts today is common, understanding of their complexity is not. Having said that we believe that trusts have a vital role …

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HANDSHAKE

DIVISION 7A: PART 2

Follow on from last week, in this week’s edition we discuss Division 7A options available for trustees. The 5 main options available are as follows: Option 1 – Interest Only 7 Year Loan The trustee may put the funds representing the UPE on a 7-year interest only loan. The trust must pay an annual return …

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Federal Budget 2020

WRAP UP OF THE FEDERAL BUDGET 2020-21

Please find below a link to our tax highlights from last nights budget. If you would like to discuss any particular measure or how you or your business is affected by any of the announcements please contact your client service team at the office. Download Highlights

Division 7A: Part 1

DIVISION 7A: PART 1

Division 7A is one of those items that can sneak up on a company or a group of companies, often unintentionally. The consequences can be severe: The potential additional tax impost can be as high as 62.55% of the income earned The potential cash flow consequences of having to repay the funds to the company. …

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CALCULATOR

INCOME TAX AND STRUCTURING

Income tax is a critical factor when considering the most appropriate structure. This predominantly comes about because varying tax rates apply to various structure types as listed below as an example Australian resident Individuals pay tax on a marginal tax scale and have a tax-free threshold. Non-resident individuals also pay tax on a marginal tax …

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BIRDSEYE

STAMP DUTY

The stamp duty rules vary from state to state in Australia. In Victoria for example the transfer of a business and its related assets is not subject to stamp duty whereas it is dutiable in some of the other states. In Victoria the transfer of real property between spouses is not dutiable, even where the …

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LITTLEPIG

CAPITAL GAINS TAX

Because of the concessional treatment that is available to active assets under the small business capital gains tax concessions in Australia under our current tax provisions, particular importance and consideration needs to be given to the type of entity that should house the particular capital assets Some important factors are: Is the asset commercial real …

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Security Protection Anti Virus Software

ASSET PROTECTION

The key objecting in structuring, when considering asset protection, is to segregate the high-risk business assets from investments accumulated by the family. In some cases however, it may not always be possible to completely eliminate risk. At Boss Private Clients, our role is to consider and action the following within our clients’ family group: Identify …

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