When property is transferred as a result of Orders made by the Family Court, Capital Gains Tax (CGT) can be deferred until the property is ultimately disposed of. This means that CGT usually doesn’t apply to any property transferred in a family law matter.
Wedding and engagement rings can sometimes form the basis for an expensive and contentious issue in separation matters. Parties often wonder whether the rings are given some special status due to their symbolic value in the marriage or engagement.
It is time to get on top of your business financials as the new financial year begins so you can implement your business goals for the upcoming year. To ensure your business is healthy: actively review your business’ financials (including your cash flow). It may also be beneficial to see a financial planner to get a holistic view of finances, tips and advice to help set your financial goals and develop strategies to reach them.
If you’re a business owner, you must ensure that you complete and lodge your income tax returns whilst meeting the superannuation requirements. With small businesses, it is essential that you check what record keeping and other tasks need to be completed. For instance, profit and loss statements to show a summary of income and expenses, conducting a stocktake, summary of your record of debtors and creditors, etc.