To know when your liability for tax under the provisions relating to capital gains (or losses) arises, you first need to know what is considered to be a capital gains tax (CGT) event? When you dispose of an asset that is subject to CGT, it is called a CGT event. This is the point at which you make a capital gain or loss. Common disposals that will trigger a CGT event include: selling an asset,
Read moreA guide to help you get ready for tax season, with tips from the ATO and our tax experts. Why You Should Start Preparing For Your Tax Return Now Tax time is here, and it's time to start getting your financial records in order. Whether you are an employee, a sole trader, or a business owner, you need to lodge your tax return by 31 October 2024. But don't rush to submit it as soon
Read morePrime Minister Anthony Albanese has announced changes to address ongoing cost of living pressures with all 13.6 million Australian taxpayers receiving a tax cut from 1 July 2024, compared to the tax they paid in 2023-24. Now is the time to assess what it means to your hip pocket and what implications it may have for end of financial year planning as a result of the new rules, due from 1 July 2024. The Federal Government has
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