Expats and foreigners excluded from tax exemption


CGT and the family home

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. 

CGT and the family homeThe retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact.

Key points

  • Non-residents for tax purposes excluded from the main residence exemption from 9 May 2017
  • Transitional rules allow non-residents to sell their property and access the main residence exemption under the previous rules (if they held the property continuously from 9 May 2017)
  • An exclusion applies where the taxpayer has been a non-resident for 6 years or less and a 'life event' occurs, such as death  Read more…

Experts to bring Renowned Workshop to Ballina

FREE Key Person of Influence Workshop

Dent Global, recognised as one of the world's leading business accelerator programs, are bringing their Key Person of Influence Workshop to Ballina on 27 February 2020 in partnership with Collins Hume.

KPI WorkshopThe Key Person of Influence program is predicated on the five levers of influence – Pitching, Publishing, Productisation, Profile, and Partnerships. Mike Clark and the KPI team will be hosting the 3-hour workshop at Ballina RSL where attendees will learn about the five levers of influence and how they can be applied to every business.

Mike has been travelling to regional towns for the past six months as part of his mission to help more business owners grow their business so they can 'make a dent' in the universe.

Read more…

ATO targets lifestyle assets

Review of assets not previously disclosed or underreporting of income

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses and fine arts.

family boatThe review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. 

"If a taxpayer is reporting a taxable income of $70,000 to us but we know they own a three million dollar yacht then this is likely to raise some red flags," Deputy Commissioner Deborah Jenkins said.

The ATO is looking for:  Read more…

Superannuation death benefits


Review succession plans

Regardless of the size of your superannuation benefits, it is vital that you sort out your estate plans to ensure that you have a well prepared estate plan so that the right assets go to the right beneficiaries. 

retired couple plansYou need to make sure that you get holistic estate planning advice and have arrangements in place to review your estate plans regularly. Estate plans are not to be set and forgotten.

First and foremost, it is important to understand that the payment of your superannuation death benefits are covered by the rules of your SMSF trust deed and do not automatically form part of your Estate for distribution in accordance with the terms of your Will. As trustee of your SMSF, you will need to make sure that you have read and understood your SMSF's trust deed and that you comply with it at all times. 

On your death, one option is to rely on the SMSF trustee's wide discretion to determine who, within the operation of the law, will receive your death benefit and how much each beneficiary will receive.

Read more…

Alerts to protect SMSFs from fraud


SMSF alert fraud protection

A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. 

smart phone SMS textThe ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members.

Trustees need to notify the ATO within 28 days of key changes to the fund including a change in trustees, directors of the corporate trustee, members, contact details, address and fund status.

Self-managed super and superannuation law in general is a delicate area and personalised planning is required for each individual. At Collins Hume we are superannuation specialists, and can assist in establishing a superannuation fund that will effectively allow you to reach your financial retirement goals. Read more here or call us on 02 6686 3000.

Collins Hume partners with you to achieve greater business and lifestyle success as your trusted advisers. Call us in Ballina or Byron Bay on 02 6686 3000.
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