Miscellaneous
What is a Testamentary Trust Testamentary trusts are formed under the auspices of a valid will or testament rather than other trusts which are ordinarily created during life (inter vivos) under the terms of a trust deed. It is a trust structure that is often used to protect family assets by having greater control […]
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Whether or not the trustee of a complying superannuation fund can accept member contributions for those aged between 65 and 75 depends on the member satisfying a “work test”. The work test requires a member to have been gainfully employed for at least 40 hours in a period of not more than 30 consecutive days […]
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Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also the usual duties or taxes should apply. Customs duties are regulated by the Department of Home Affairs (a recently formed body from December 2017, which […]
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Every investor goes in with dreams of a pot of gold, but there is a fundamental difference between investor types — one looks to line their pockets with investment returns along the way, and the other has the patience to wait until the end of the rainbow to reap the rewards. The distinction between investing […]
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A novated lease is a popular way for employers to reward and incentivise their staff. Through a salary sacrifice arrangement that includes a novated lease, employees are provided with a vehicle and can also reduce their personal tax liability. However, employees should understand how fringe benefits tax (FBT) might apply to their arrangement and what […]
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The Australian Taxation Office (ATO) is committed to educating taxpayers on how to protect themselves against tax scams and identity theft. It says that up to the end of last financial year, S2.7 million was handed over to fraudsters, with about 2,500 individuals providing some sort of personal information to scammers, including tax file numbers. […]
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