Category «Miscellaneous»

When a shareholder receives a return of capital, is that ROC applied to each individual parcel of shares they have on hand when the ROC is paid?

Question When a shareholder receives a return of capital, is that ROC applied to each individual parcel of shares they have on hand when the ROC is paid?What specific section of the act says to apply it that way? Further Information Could I please see the documentation you received about the return of capital? I …

No Discretion if You Miss the 12 months to Notify Your Super Fund You are Claiming a Tax Deduction

Question My question concerns historical post-tax voluntary super contributions that were not previously claimed. I work for the QLD Govt and as such contribute 5% in voluntary super contributions for my employer to increase their contribution to 12.75% (this requirement has changed recently). Until I began salary sacrificing these contributions several years ago they came …

Offsetting Farm Losses Against Other Income

Question I’d like to minimise my tax when developing a small farm. We’ve recently bought a 28 acre block, and will run a farm which will get us primary producer status as we meet the ATO requirements for that. The block has a house that we’re going to rent out and negatively gear. We’re planning …

Caught by Div 7A?

Question If a company director takes money out of his company regularly, several times a year, year in year out but repays it before the 30th of June each year, does Div7a apply? Answer No, in fact he has up until the due date for lodgement of the company tax return to repay the amount …