May
WHAT IS EFFECTIVE LIFE? HOW DO THE STATUTORY CAPS ON EFFECTIVE LIFE WORK?
The effective life of an asset is the period that the asset can be used by anyone for income producing purposes. The decline in value of a depreciating asset is worked out using the asset's effect...
May
WHAT ARE THE CGT EXEMPTIONS FOR COLLECTABLES?
Capital Gains Tax (CGT) applies to the capital gain made on the disposal of any asset, except for specific exemptions such as main residence, personal use items, collectables depreciating assets, good...
May
EXPLAIN CHANGE IN ELIGIBILITY CRITERIA FOR CO-CONTRIBUTIONS
Super co-contribution is to help those people on lower or middle incomes to boost their retirement savings. The Australian Government has established the Superannuation Co-Contribution scheme for thes...
May
WHAT ARE DISENTITLING EVENT? EXPLAIN THE DISENTITLING EVENTS IN CASE OF TRUSTS?
'Disentitling event' occurs when a taxpayer who would otherwise be eligible to elect to spread abnormal income over a period of years may become ineligible. A disentitling event happens if:Â...
May
ANCILLARY FUNDS RETURN AND THE TYPES OF ANCILLARY FUNDS
Ancillary funds are special kinds of funds from donors that are received by organisations as Deductible Gift Recipients (DGRs), which are considered as tax deductible donations. Ancillary funds don’...
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