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ITC Interactive Tax Consultants - Team

ITC Office is now closed due to COVID-19 restrictions

March 26, 2020

We are working remotely to continue to service our clients. For the safety of our clients and staff, the ITC team are now working remotely. Please use the following contact details to contact us from Wednesday 26th March (our phone system will not be monitored): For phone appointments with Adam Beasley – please contact Stella…

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Governments Stimulus Package in response to the Coronavirus

Government’s Stimulus Package in response to the Coronavirus

March 25, 2020

The following is a broad summary of the key aspects of the Federal Government’s stimulus package in response to the Coronavirus, as recently announced and enacted. The summary is based on information currently available on the Treasury website (refer to “Economic response to the Coronavirus”), as well as various Bills introduced into Parliament (and passed…

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ATO dusts off the lifestyle asset microscope

ATO dusts off the “lifestyle asset” microscope

March 3, 2020

Photo by Oliver Sjöström on Unsplash If you own a marine vessel, perhaps a thoroughbred horse or two, have a piece of fine art hanging on a wall, high value motor vehicles in the garage or an aircraft in the shed, it could be time to make sure your tax affairs are in order. The…

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Limited options to access your super early

Limited options to access your super early

March 3, 2020

Photo by AbsolutVision on Unsplash There are very limited circumstances when you can access your superannuation savings earlier than when you meet what the ATO calls a “condition of release” — which for most people generally means achieving a certain age and retiring. The other limited circumstances mainly relate to specific medical conditions, severe financial…

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Damage or destruction of a rental property

Damage or destruction of a rental property

March 3, 2020

What happens if your property is damaged from the results of a natural disaster, or by tenants? Such a situation can affect the types of expenses you claim and the income you need to declare for your rental property. Declaring income If you receive a payout for damage to your rental property as a result…

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Security online More important than ever

Security online: More important than ever

March 3, 2020

Photo by Markus Spiske on Unsplash Communication over an online channel has certainly become the default these days, and dealing with the ATO is no exception. In fact the transition to online has plainly been developing over some years. More and more transactions and interactions are taking place, for example, over the government’s initiative myGov…

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Selling taxable Australian property

Selling taxable Australian property. Need a clearance certificate from the ATO?

March 3, 2020

Photo by Tierra Mallorca on Unsplash If an Australian resident is considering selling property, they should apply for an ATO clearance certificate. If a property vendor does not apply for a clearance certificate and present it to the purchaser, the purchaser is required to withhold 12.5% of the purchase price for CGT purposes on properties…

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Tax issues when dealing with volunteers

Tax issues when dealing with volunteers

February 4, 2020

Photo by Anna Earl on Unsplash From bushfire relief groups, sporting clubs, environmental groups, charity associations and many more, volunteers are an indispensible workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive. Given that there…

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Succession planning for family businesses

Succession planning for family businesses

February 4, 2020

Photo by Photo by Sabine van Straaten on Unsplash For most family businesses as well as private groups, succession planning (sometimes known as transition planning) involves considerations around the eventual sale of your business, or the passing of control of it to other family members when you retire. Depending on your circumstances, this may include…

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Distributions from a discretionary trust

Distributions from a discretionary trust

February 4, 2020

Photo by Wesley Tingey on Unsplash Distributions from trusts and the taxation of those distributions can be complex. This is an attempt to simplify the topic. The purpose of a trust is to separate the legal and beneficial ownership of assets. The legal ownership of the asset rests with the trustee. The beneficiaries benefit from…

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