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Capital Gains Tax (CGT) can be a source of confusion for many property owners. If you're planning to sell a property, understanding CGT is crucial to avoid surprises and make informed financial decisions that align with your future plan and strategies.
With that in mind we thought it wise to provide a guide to help you navigate the key aspects of CGT so that when you’re ready to speak with the Attune team about your situation, you’re armed with some of the knowledge to engage meaningfully.
Let’s jump in…
Contrary to popular belief, CGT is not a standalone tax with a flat rate. Instead, it is the tax you pay on the assessable gain from selling a property. This assessable gain—essentially your taxable profit—is influenced by factors such as how you’ve used the property over time.
After calculating the assessable gain, this amount is added to your taxable income from all sources, including employment and investments. The total is taxed at your marginal income tax rate. Keep in mind, however, that different rules apply if the property is owned by a company, superannuation fund, or trust, as these entities are subject to varying tax concessions. The Attune team can still help with this kind of property ownership, so reach out if you’re looking for tailored advice as part of your property ownership goals.
The timing of CGT can be tricky. It is triggered by the contract date rather than the settlement date. For example, if you sign the contract in one financial year but the settlement occurs in the next, you may need to report the gain and pay CGT earlier than expected. Understanding these timelines is also crucial for qualifying for CGT discounts, such as the 50% reduction for properties held for more than 12 months.
With timing considered, we recommend speaking with the Attune team as you prepare your sale rather than afterward – we can help ensure you’re set up to deal with any tax implications at a time that fits your financial strategy.
Your main residence may be exempt from CGT, but this depends on how the property was used. If the house has been rented out, left vacant, or used as a base for a home business, partial CGT liability might apply. However, if you’ve lived in the property as your primary residence for the entire ownership period, you’re likely exempt from CGT.
To ensure you’re on the right track, keep detailed records of how the property has been used. These records will help clarify your position if the Australian Taxation Office (ATO) reviews your tax filings.
Navigating CGT rules becomes more complex for individuals with multiple properties or investment portfolios. Professional advice can help you make the most of available concessions and avoid unnecessary tax liabilities. An Attune tax adviser can also ensure you’re aware of timing considerations and eligibility for CGT discounts, so you’re best to speak with us early on.
If your property has appreciated in value, you could leverage that untapped equity for future opportunities. For instance, you might consider purchasing an investment property or enhancing your current property’s value through renovations. Understanding your equity position is a vital step in creating long-term financial stability.
While the fundamentals of CGT are straightforward, the specifics often vary based on individual circumstances. Timing, usage history, and ownership structure all play a role in determining your tax obligations. By seeking professional guidance from the Attune Advisory team and maintaining accurate records, you can approach property sales with absolute confidence and clarity.
If you’re considering selling a property or want to explore how CGT applies to your situation, contact the Attune team on 1300 866 113 – we are here to help you make the most of your tax position when it comes to property ownership.
Expanding your business internationally brings exciting growth opportunities but also complex tax considerations. At Attune Advisory, we understand that each jurisdiction has unique tax regulations that can affect your cross-border transactions and operations.
With that in mind, we thought we’d share how our services help streamline your international tax needs and guide you towards tax-efficient strategies.
When expanding offshore, understanding the local tax implications is essential. At Attune Advisory, we offer comprehensive support through our global network of expert advisers. We provide timely, responsive advice tailored to your business structure and international goals, ensuring compliance across various tax jurisdictions.
1. Strategic International Tax Planning
For businesses looking to expand globally, Attune Advisory can help navigate tax obligations and optimise international investments. This involves choosing the right type of entity, assessing cross-border tax implications, and planning tax-efficient structures, including regional hubs and holding companies. Whether you're investing in Australia or expanding overseas, our specialists can assist with crucial planning to minimise tax burdens and maximise returns.
2. Controlled Foreign Corporations (CFC)
When establishing operations overseas, understanding CFC regulations is essential to avoid unintended tax obligations. The Attune team can advise on how CFC rules may impact your business, helping you determine if any foreign income could be attributed back to your Australian operations and managing these outcomes effectively.
3. Non-resident Capital Gains Tax
If you’re a non-resident disposing of Australian assets, navigating capital gains tax can be challenging. Our team can advise on tax implications for non-resident entities selling Australian property or shares, ensuring you understand all tax consequences and structuring the transaction to be as tax-effective as possible.
4. Withholding Tax Obligations
Withholding tax often applies to cross-border payments like dividends, royalties, or interest. Attune Advisory provides guidance on withholding tax requirements to minimise tax liabilities on international cash flows, ensuring you retain more of your earnings.
At Attune Advisory, our goal is to provide you with an exceptional service experience regardless of the size of your business or area of operation. Our advisers in Australia work seamlessly with our international network to ensure consistent, high-quality advice across borders. This collaborative approach means you can rely on us for integrated tax solutions that align with your growth objectives, no matter where you operate.
Ready to simplify your international tax planning? Contact the Attune team today for expert guidance on expanding your business globally while managing tax responsibilities effectively. Contact the Attune team on 1300 866 113 – we are here to help you make the most of your growing business.
Running a small to medium-sized enterprise (SME) comes with its own set of challenges. Whether it's navigating financial complexities or scaling up, having a clear, strategic approach is essential.
This is where Attune Advisory’s Business Advisory Services come in, designed specifically to guide SMEs through these hurdles, offering insights, analysis, and strategic planning to help businesses thrive. Here’s a closer look at what our service entails, its benefits, and why you might consider Business Advisory for your business.
Business advisory is a consultative service where our experts work closely with you – the business owner – to address key aspects of operations, particularly financial planning, strategy, and management. It’s not just about number-crunching; it’s about creating a roadmap for success. Each business is unique, and therefore, our advisory services are tailored to fit individual needs and goals – there’s no one-size-fits-all approach applied here!
1. Real-Time Analysis & Financial Forecasting: Attune Advisory offers real-time insights into your financial standing, helping you see where you stand and where improvements can be made. With forecasting, you’re not just reacting to past data but proactively planning for the future, anticipating changes and making informed decisions.
2. Cash Flow Management & Reporting: For many SMEs, managing cash flow is a constant challenge. Attune provides tools and expertise to ensure that your cash flow remains healthy, helping you avoid financial pitfalls. With regular, detailed reporting, you’ll always have a clear picture of your financial health.
3. Strategic Planning & Growth Advisory: Growth can be difficult without the right strategy. Attune’s team works with you to devise actionable plans for expansion, whether it's scaling operations, entering new markets, or launching new products. We aim to amplify opportunities and minimise risks.
4. Risk Mitigation: No business is without risk, but having a strategy to handle potential setbacks can mean the difference between survival and success. Attune helps identify these risks early and provides solutions to mitigate them, ensuring your business remains resilient.
1. Expertise Without Full-Time Costs: Employing a full-time strategic or financial expert may be out of reach for many SMEs. Business advisory services offer access to the same expertise, but on a flexible, as-needed basis, making it a cost-effective solution.
2. Objective, Unbiased Insight: When you’re too close to the day-to-day operations, it can be hard to see the bigger picture. External advisors bring fresh, unbiased perspectives, identifying issues or opportunities you may have missed.
3. Customised Approach: One-size-fits-all solutions rarely work, and Attune Advisory knows that. We make it our mission to understand your specific goals, challenges, and market context, ensuring our advice is relevant and actionable for your business.
With a focus on collaboration, Attune Advisory becomes more than just a consultant—we become a partner in your business journey. Our team is committed to understanding your ambitions and building strategies to turn those ambitions into reality. Whether you need help streamlining processes, managing finances, or planning for future growth, our Business Advisory service can be the support system that makes the difference.
It's about more than just offering advice; it’s about providing a partnership built on trust, expertise, and a mutual goal of success.
• Enhanced Decision-Making: With a detailed understanding of your financial standing and strategic options, you’ll be better equipped to make crucial decisions.
• Efficiency Improvements: Streamlining operations and processes ensures that your business can run more efficiently, freeing up time and resources for core activities.
• Proactive Problem-Solving: By identifying potential challenges ahead of time, you can prevent them from becoming major issues down the line.
We’re here to provide the guidance, insights, and support you need to help your SME thrive so, reach out to the team today to discover how our Business Advisory Service can make a positive impact on your future.
Call the team on 1300 866 113 or send us an email to start the conversation – you’ll be glad you did.
Small and medium-sized enterprises (SMEs) are essential drivers of Australia’s economy, creating jobs and fostering innovation. However, operating within such a dynamic landscape comes with its own set of challenges, particularly when it comes to regulatory compliance. With limited resources and time, many SMEs find it difficult to stay on top of their legal obligations while managing day-to-day operations.
At Attune Advisory, we understand the complexities SMEs face in navigating these regulations so we thought we’d explore effective strategies to help your business stay compliant and avoid potential pitfalls as you move and grow.
The first step in managing compliance is to be fully aware of the laws and regulations that govern your industry. Each business faces its own unique set of obligations, from tax compliance and employment laws to industry-specific regulations.
Take the time to research the laws that apply to your business operations. Seek advice from your Attune team as a start, then where you may need to, you can engage a consultant who can help you identify the regulations relevant to your SME. Staying informed is key to avoiding compliance breaches.
A compliance checklist is a practical tool that can help SMEs track and meet their legal obligations. Your checklist should include all key areas, such as reporting to the Australian Securities and Investments Commission (ASIC), complying with Australian Tax Office (ATO) requirements, and adhering to employment laws. Once again, our team can help you build your checklist off the back of our discussions about your business and it’s compliance requirements.
As with just about anything, breaking down compliance tasks into specific steps, assigning responsibilities, and setting deadlines ensures that you cover all bases. Having this checklist in place will also help you monitor progress and prevent anything from slipping through the cracks.
Regulations are constantly evolving, and staying up to date is crucial for keeping your business compliant. You can subscribe to relevant regulatory newsletters or updates from the government, attend industry events, or join business associations that provide updates on relevant changes yourself. If you’re already speaking with an Attune Advisory team member, we’ll ensure your business is on top of these, but it’s always worth being educated yourself so you understand how regulatory changes may affect your business.
The tip here is to ensure your SME stays in the loop regarding any new laws or updates to existing regulations. It’s always better to act proactively rather than face penalties for non-compliance later.
No one expects a business owner to be an expert in every area of their operations. When it comes to complex regulations, seeking professional advice can save you both time and money. If you’re looking for advice outside of the financial and tax arena, Legal advisers are trained to guide you through compliance requirements and help you implement the necessary systems – we can refer you if you require.
At Attune Advisory, we offer a range of services to help SMEs navigate the regulatory landscape. From tax advice to payroll and other compliance support, we can help ensure that your business stays on track.
Compliance isn’t just the responsibility of business owners. Your employees play a key role in ensuring your business adheres to relevant laws and regulations. Providing regular training and resources on compliance requirements helps them understand their responsibilities.
By fostering a culture of compliance, you minimise risks and ensure your business operates smoothly. Employees who are informed about regulations are more likely to identify and resolve issues before they become major problems. This is especially true with larger teams.
Another strategy SMEs can adopt is conducting regular compliance audits. These audits are a way of reviewing your business’s policies and procedures to ensure they align with current laws and regulations. Payroll Auditing is a good example.
You can perform internal audits or bring in external experts to provide an objective review. Either way, an audit can help identify areas for improvement, ensuring that your business remains compliant and operates efficiently.
In today’s digital age, technology can make regulatory compliance much easier to manage. There are a variety of software tools available that can help you track changes in regulations, automate reporting, and monitor employee adherence to policies.
Investing in the right technology allows you to streamline compliance processes, saving both time and effort. These tools not only help ensure that your business stays compliant but also reduce the risk of human error.
While dealing with regulatory compliance can be daunting, taking proactive steps ensures that your business remains in good standing. By understanding your obligations, seeking professional advice, and leveraging technology, your SME can stay on top of compliance without overwhelming your resources.
Whether you need help with financial planning or navigating complex legal requirements, the Attune Advisory team is ready to guide you through the process. Contact us today on 1300 866 113 to discuss how we can support your business’s compliance efforts and long-term success.
