They say the two inevitable things in life are ‘death and taxes’, and in this newsletter we cover off both – as well as several updates on superannuation.
In the world of tax, we examine how the CGT retirement exemption works where a gain has been made by company or trust – and why it’s best to seek the advice of a professional instead of attempting a DIY!
We also address why the common question ‘Are you an Australian resident for tax purposes?’ is such an important one. (Spoiler alert: the main reason is that if you are, you’re obliged to declare all income earned both in Australia and overseas!)
Becoming the executor of a deceased estate is often seen as an honour, but it’s also a huge responsibility: our third article looks at what’s involved should you ever find yourself appointed to execute the wishes of a deceased loved one.
Over in the superannuation world, we explain the new ‘stapling super’ mechanism, effective as of 1 November, that will automatically carry over an employee’s super fund to their new job with a view to reducing to the old problem of multiple super accounts.
In good news for SMSF trustees financially impacted by COVID-19 lockdowns, our second super article outlines some of the relief that will be available in certain States and Territories in the 2021-22 financial year.