MNY Group 2019 August Newsletter – Tax when you’re headed overseas

Access to the full version by clicking the link below:

MNY-August-2019

In August we have included Business & Accounting Topics including:

1. Tax when you’re headed overseas

Most people’s “to do” list when they are planning a trip overseas will likely include items such as travel insurance, phone charges or taking photos of their passport – but probably the last thing on anyone’s minds will be their likely tax situation before, during or after that trip-of-a-lifetime.

2. Trust distribution resolution & Trust deeds

An essential starting point for consideration of trust income and how that income is to be distributed is to look at the trust deed. This very central document sets out the rules and central document sets out the rules and expectations for the governance and operation of the trust and the powers that can be exercised by the trustee.

3.  Hobby & Business

It is important to understand the differences between a hobby and a business for tax, insurance and legal purposes among other things. For one thing, there will be certain tax and other obligations that start once you are in business.

4.  The small business income tax offset

For small business owners who are disposing of assets that have risen in value during the time they have owned and used them in their business, accessing one or more of the available small business capital gains tax(CGT) concession can greatly reduce any consequence tax liability.

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