Client Resources Archives - BOSS PRIVATE CLIENTS

Client Alert June 21- Tax time 2021

padmin — Fri, 30 Jul 2021 13:52:25 +0000

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 26 May 2021. Are you ready for Tax Time 2021? – COVID-19 has changed many people’s work situations, and the ATO expects their work-related expenses will reflect this during …

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Federal Budget 2021

padmin — Wed, 12 May 2021 05:24:17 +0000

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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THE ROLE OF TRUSTS

BPC — Mon, 12 Oct 2020 04:33:47 +0000

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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DIVISION 7A: PART 2

BPC — Thu, 08 Oct 2020 04:29:47 +0000

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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WRAP UP OF THE FEDERAL BUDGET 2020-21

padmin — Wed, 07 Oct 2020 05:37:36 +0000

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

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DIVISION 7A: PART 1

BPC — Thu, 01 Oct 2020 04:17:31 +0000

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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INCOME TAX AND STRUCTURING

BPC — Thu, 24 Sep 2020 03:18:52 +0000

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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STAMP DUTY

BPC — Thu, 17 Sep 2020 02:29:53 +0000

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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CAPITAL GAINS TAX

BPC — Thu, 10 Sep 2020 02:20:54 +0000

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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ASSET PROTECTION

BPC — Thu, 03 Sep 2020 04:48:53 +0000

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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