Who is a spouse under the tax laws, and why does it matter?
This
month’s edition of our client newsletter includes an article on who is a spouse
under the tax laws and why it matters. Whether you have a spouse or not can
impact your individual tax assessment as your spouse’s income can impact your
eligibility for certain tax rebates and offsets. Although it may sound simple
enough, we also address some commonly asked questions that get asked about
spousal relationships.
This is followed by an item about share market volatility and how to not let
the ups and downs of financial markets get you off course with your
superannuation investment strategy. The key takeaway is to stay patient, adhere
to the fundamental principles of diversification and asset allocation, and as
always, don’t hesitate to seek advice if you need it.
Our next article highlights why you should take care if you sell your home
after leaving Australia. It’s important to get the timing right to avoid any
unnecessary and unwanted liabilities down the track.
There is also an article about separation and divorce and the capital gains tax
(CGT) consequences and relief that may be available. Fortunately, some of the
impact of divorce or separation can be alleviated by making sure that the CGT
rollover relief is used most effectively – because like death, divorce affords
certain tax planning opportunities.
When setting up a self-managed superannuation fund (SMSF), a question that
often gets asked is who can join the fund. Although the most common setup is
you and your partner running the fund together, or just you if you’re single,
other setups are possible, such as children joining your fund, as well as
business partners who decide to set up an SMSF together.
Finally, we provide an item on “debt recycling” which is the flavour of the
month among financial advisors (and some financial institutions too). We touch
on what this strategy entails and the tax impacts of implementing such a
strategy.
Download newsletter:
2024 – 09 – MBS Monthly Update
