Capital Gains Tax (CGT) is a key consideration when selling assets such as property, shares, or a business. At Krystal Advisory, we help clients navigate the complexities of CGT to ensure they understand their obligations and take advantage of any available exemptions or discounts. What is Capital Gains Tax? Capital Gains Tax is the tax you pay on the profit […]
Lodging your SAR through a tax agent If using a tax agent to lodge your SAR, know your lodgment date and engage early. If your self-managed super fund (SMSF) had assets, such as super contributions or other investments as of 30 June 2024, you will need to lodge a SMSF annual return (SAR) for the 2023–24 financial year. The SAR […]
The Australian Government has announced additional personal income tax cuts in the 2025–26 Federal Budget. These cuts are designed to provide further financial relief to taxpayers and will be implemented in two stages: • From 1 July 2026: The tax rate for income between $18,201 and $45,000 will decrease from 16% to 15%. • From 1 July 2027: This rate […]
Personal Services Income (PSI) is income that’s mainly a reward for an individual’s personal efforts or skills. It usually applies to freelancers, consultants, and contractors who operate through a company, partnership, or trust but are really being paid for their own work. In Australia, the ATO (Australian Taxation Office) uses PSI rules to make sure people don’t avoid tax by […]
If you earn Personal Services Income (PSI), you can still be treated as running a Personal Services Business (PSB)—which is a good thing—if you pass certain tests set by the ATO. Being classified as a PSB means the PSI rules don’t apply to you, so you get more flexibility with tax deductions and how you structure your business. To qualify […]
You can claim a deduction for the following as borrowing expenses: loan establishment fees lender’s mortgage insurance (insurance taken out by the lender and billed to you) title search fees charged by your lender costs for preparing and filing mortgage documents (including solicitors’ fees) mortgage broker fees fees for a valuation required for loan approval stamp duty charged on the […]
You can’t claim any of the following as borrowing expenses: the amount you borrow for the property loan balances for the property interest expenses (as these are claimed separately) repayments of principal against the loan balance stamp duty charged by your state or territory government on the transfer (purchase) of the property title (as this is a capital expense) legal […]
Recent Comments