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CGT small business concessions; flexible family trusts; Australian tax residency; GST on property sales; salary

The MNAV test – and when liabilities are related to assets — We all know that in determining whether a taxpayer qualifies for the CGT small business concessions in relation to a capital gain made on a CGT asset that the taxpayer must satisfy either of the following basic tests: the $ 6m “maximum net asset value” test (MNAV test); or the “small business entity” test; or be a partner in a partnership that is a small business entity. Kirk Wilson and Trevor Snape, Senior Tax Writers, Thomson Reuters take a closer look at when liabilities are related to assets for the purposes of the MNAV test.

Family trusts – is your trust deed flexible enough? — Stuart Jones, Senior Tax Writer, Thomson Reuters says it is vital to ensure that the trust deed used to establish a discretionary (family) trust is flexible enough to accommodate changes in personal circumstances (and the law) over the life of the trust, which may span several generations (subject to the rule against perpetuities).

Australian individual tax residency status – the basics — Clive Bird, Director-Tax Moore Stephens discusses recent AAT cases which have highlighted the increasing scrutiny by the Tax Office on the Australian tax residency status of individuals. According to Bird, taxpayers and advisors need to be aware of the residency tests and case law to ensure that the residency status adopted by an individual can withstand challenge from the Tax Office.

GST on property sales — Compared to other supplies of goods and services that are subject to GST, property transactions stand apart for their high value and high profile. Clive Bird, Director-Tax Moore Stephens considers the broad application of GST to real property sales and delves into what constitutes an input taxed supply of residential premises.

Salary packaging – how it works and what you can save! — Paul Mather, founder of outsourced salary packaging company Salary Guru, discusses the benefits that work best for salary packaging and highlights savings for employees. The article contains worked examples.

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