AP Accountancy Newsletter April 2021
Income that is not seen as “income” by the ATO
In some occasions, the ATO may not view an income source as actual income. That means you may not have to pay tax on certain income sources. We will go through the main categories that are not assessable as income, which include:
- Exempt Income
- Non-assessable, non-exempt income
- Other amounts not taxable
Insolvency Reforms for Small Businesses
The Australian Government has made changes to the insolvency framework set out by the ATO to assist small businesses survive through COVID-19. We will go into these changes, which includes:
- New restructuring process
- New liquidation pathway
- Measures to ensure an effective response from the insolvency sector
- Eligibility
Loan Interest Deductibility in a Partnership
When running any business, loans are likely to be an inevitable instrument to be used. In a partnership, loans from partners and refinancing may be confusing surrounding the tax implications. The newsletter will go into if interest expenses are deductible in a partnership.
Real Estate and its CGT implications
When selling or disposing of a real estate asset, Capital Gain Taxation may apply. However, this is all dependent on a multitude of factors, with timing being a vital one. We will go into the timing of when you purchase, to when you sell your property, as well as other events related, to help you understand the possible tax liabilities that may arise.
Superannuation Management
Superannuation is a function of our lives that we generally do not pay much attention to until we’re nearing retirement. This newsletter will go into some important concepts regarding superannuation once you start regular withdrawals, such as:
- Superannuation Credits
- Superannuation Income streams
- Account-based income stream
- Capped defined benefit income stream
- Transfer balance cap
