ITAA97 Subdiv 118-B A dwelling that is owned by an individual and qualifies as their main residence throughout the period they own it is generally exempt from CGT. However, if the dwelling is also used for income earning activities or it has not always been the taxpayer’s home throughout the period they owned it, then…
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The Personal Service Income (PSI) rules are a set of ATO provisions designed to prevent persons who derive income from their personal services from “splitting” or “alienating” that income with other persons and therefore minimising the overall tax payable. If you cannot pass one of the tests within the PSI rules and do not have…
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Self-education includes courses undertaken at an educational institution (whether leading to a formal qualification or not), attendance at work-related seminars or conferences, self-paced learning and study tours (overseas or within Australia). For self-education expenses incurred before 1 July 2022, you generally can’t claim the first $250 of expenses. TR98/9 details the ATO’s views on the…
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A self-managed superannuation fund (SMSF) is a superannuation fund with no more than six members (increased from four members from 1 July 2021) that satisfies the requirements outlined in s17A SIS Act. The SMSF sector emerged on 8 October 1999 from the former ‘excluded superannuation funds’, following a government’s inquiry into the Australian financial services…
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