by Val Tse | May 31, 2018 | Income Tax, Statute-Barred debts
Various tax implications can arise when a debt becomes statute-barred. So what is statute barring and when can it be a problem? In simple terms, a debt is statute-barred when it has reached a statutory limitation period where it can no longer be legally recovered by...
by Val Tse | May 31, 2018 | Taxable Payment Report
Businesses in the building and construction industry, take note – the deadline is August 28, 2018 to report the total payments you made to each contractor you enlisted the services of in 2017-18. You will need to report these payments to the ATO on the Taxable...
by Val Tse | May 31, 2018 | SMSF
When calculating a super benefit, it is necessary to identify and determine the value of the various components that make up the benefit. The law around superannuation dictates that the tax-free component and taxable components of a member’s payment must be paid in...
by Val Tse | May 31, 2018 | Income Tax
It is sometimes said that a superhero like the DC Comics character Superman can be an uninteresting character because he is, for all practical purposes, indestructible. Critics have said the knowledge that he will most likely win can make Superman’s adventures...
by Val Tse | May 4, 2018 | Testamentary Trusts
A testamentary trust works in tandem with a will, and is similar to a discretionary trust, with the major difference being it only takes effect upon the death of the person who made the will. The trust can be funded by some or by all of your assets, and by payments...
