August 2024 Newsletter

August 2024 Newsletter

This month’s edition of our client newsletter includes an article on the importance of “tax residency”. Whether you are a tax resident of Australia or not can have significant consequences for you so if you find yourself in any such circumstances (eg, you undertake a foreign posting for a period or you decide to move overseas for some time but still maintain connections here), this article summarises some of the key tax implications to consider. 

This is followed by an item which explains the recent changes to preservation age, which is the age at which individuals can access their superannuation. As preservation age has now increased to age 60, this article summarises what the changes mean for those people who maybe planning on accessing their superannuation benefits upon reaching this age. 

Our next article ties in with our first article on the importance of tax residency. This article highlights how Australia’s capital gains tax rules to foreign residents can be complex, especially given the variable nature of some of the rules. 

There is also an article about selling a small business operated through a company and whether you should sell the shares or sell the business assets themselves. This article may be of interest to you if you run a small business through a company and you a decide to sell it.

Spouse contribution splitting is another article which explains how splitting contributions to your spouse can be a great way to boost your combined superannuation balances and also benefit you both in retirement. 

We also provide a short item on a recent court case which clarified the standing of a de facto spouse in the context of a non-lapsing death benefit nomination on a life insurance policy made by the deceased person. This case and article highlight the importance of ensuring death benefit nominations are up to date and being clear about spousal relationships, especially when couples live apart.

Finally, we provide an article on the small business energy incentive and briefly summarise the key eligibility criteria that must be met to make a claim.

Happy reading.

Contents

This edition features pieces on:

• The importance of “tax residency”

• Changes to preservation age

• CGT and foreign residents: complex rules apply!

• Selling a small business operated through a company – sell the shares or sell the assets?

• Spouse contributions splitting

• Breaking up (by text) is hard to do

• Small business energy incentive