Taxation Matters
Do you need to include “fringe benefits” which are not assessable income (Income Tax Assessment Act 1997)?
Yes, if your fringe benefits amount to $3,738 or more (for the year ended 2011), they are reportable in your tax assessment. However, the reportable amount is not assessable income. It will be taken into consideration only in determining, eg, your Medicare levy surcharge and repayment of government loan (HECS or FEE-HELP).
Conveyancing
Is there any document required by law to be attached to the contract when you want to buy a house?
Some documents, like title deed, water sewerage connections diagram, are by law required to be attached to the contract. If not, unless the purchase is settled, the buyer is entitled to rescind the contract within 14 days after the exchange of the contract and get back the whole deposit paid.
Taxation Matters
What is a “collectable” when you calculate your capital gain/loss?
A collectable is a defined asset that is used or kept mainly for your (or your associate’s) personal use or enjoyment. A collectable includes artwork, jewellery; a rare folio, manuscript; or a postage stamp or first day cover. Collectables acquired for $500 or less are exempt.
Taxation
When you sell your car at a profit, do you need to include the profit as a capital gain in your tax assessment?
No. A capital gain is disregarded in a car, motor cycle or similar vehicle. [Having said that, if you engage in buying and selling cars and earn the profit, you may be treated as doing business and the profit assessed as ordinary income.]
Special Offer
These are our special offers for our legal service fees (prices are inclusive of GST).
1. First consultation fee: $132 for half an hour, $264 for up to one and a half hours if you refer to this offer.
2. 10% off for all family matters if you have a current pension card.
3. Off the Plan Property Purchase from $1,210.
4. Conveyancing under 1 million from $1,100.
5. Conveyancing from 1 million to 2 million from $1,210.
6. Conveyancing of Community Title from $1,452.
7. Basis Will from $220, Will for special need beneficiary from $550.
8. Financial Agreement from $1,210, Review of Financial Agreement from $726.
Tip of the day
Conveyancing
After you have signed a contract to buy a house, can you change your mind?
If it is a residential property, subject to certain exceptions (eg. buy the house by public auction), there is a cooling off period. You may rescind the contract at any time before 5pm on the fifth business day after the day on which the contract was made. However, 0,25% of the purchase price of the house will be forfeited by the vendor.