Tax

Steve Ciobo rejected changes to capital gains tax exemptions on luxury homes.

Tax on luxury family homes rejected

Peter Martin   A government frontbencher has all but killed a proposal to apply capital gains tax to the sale of luxury homes by ruling it out before the Coalition even considered it.

Off the table: why the GST won't be lifted to 15 per cent

Scott Morrison believes the states are perfectly capable of fixing their own financial problems.

Peter Martin   So out of favour is the idea of increasing the GST that by the time the government releases its tax options paper in the new year a 15 per cent GST might not even be on it.

YOUR QUESTIONS

Capital gains tax may apply when you split units

Property in St Kilda has made significant capital gains since the 1980s.

George Cochrane   We live in combined flats as our permanent place of residence and neither one has ever been rented. We wondered if upon sale of either flat we will have to pay any capital gains tax? A.D.

ASSET CHECK

Push your savings up a gear

Even if the tax advantages of the family home and negative gearing change in the future, these changes are unlikely to apply retrospectively.

Daryl Dixon   Given the ongoing uncertainty about the future tax treatment of superannuation, investing in the family home and gearing investments now offer more certain benefits.

Be afraid, they are coming for your super

The government's biggest tax decisions concern superannuation.

Peter Martin    Forget the GST – it's tackling the burgeoning problem of superannuation that will show whether the Treasurer is serious about fixing tax.

ASSET CHECK

Super proposals would make tax system less fair

Tinkering with the superannuation system would encourage over-investment in the family home.

Daryl Dixon   If superannuation is made less attractive, it would encourage the well off to over-invest in the family home and do even more negative gearing of investment properties.

ASSET CHECK

Savers under attack

Tax reform could encourage overinvestment in the family home.

Daryl Dixon   People relying on their past savings for their retirement income face being big losers in any increase in the GST tax burden.

BOURIS ON MONEY

Structuring your super for success

Superannuation is a tax and legal structure for retirement savings, not an investment.

Mark Bouris   When the superannuation annual statements start landing in our mailboxes, inevitably there's discussion about how well super is performing. And if the results are poor, people say that super is not a worthwhile investment.

ASSET CHECK

Borrowing for DIY super is a non-issue

Commercial property makes more sense for a self-managed super fund.

Daryl Dixon   Banning a self-managed super fund from taking a loan to fund investment would be solving a problem that doesn't exist.

BASIC TRAINING

How to make the most of tax deductions

It's almost tax time.

Larissa Ham   With the deadline to file your own tax return looming, it's time to get your deductions in order.

ASSET CHECK

The magic of the mortgage offset account

Mortgage offset accounts provide financial flexibility to homeowners.

Daryl Dixon   It's an excellent development for consumers that mortgage offset accounts are becoming more commonplace.

BOURIS ON MONEY

How to pay for your kids' education

The cost of a child's education includes music and sporting activities, not just school fees.

Mark Bouris   Between private or public school fees and extras such as sport, music and camps, the cost of your children's education can be significant.

Now Hockey says he wanted to tax rich all along

Joe Hockey: fond farewell.

Peter Martin   Now he tells us. Hockey wanted to wind back super tax concessions all along.

FACT CHECK

Truth behind Turnbulls' Caymans strategy

MON00-Collett

John Collett   Money checks the facts behind the attack on Prime Minister Malcolm Turnbull over his family investments in the Cayman Islands.

Households prepare for the worst

Consumers are preparing for a downturn in the economy.

Michelle Hutchison   Nervous consumers are preparing for an economic downturn - but it could be a self-fulfilling prophecy.

YOUR QUESTIONS

How sturdy are my plans to build a first home?

The financial consequences of building a first home before or after retiring need to be considered.

George Cochrane   At this stage is using life savings to build a house the best plan?

BASIC TRAINING

Here’s how to hit your first tax return deadline

Lodging a tax return is not too difficult - just follow the instructions.

Larissa Ham   Never lodged a tax return? If you're preparing to do it online, you have to get it done by the end of the month.

YOUR QUESTIONS

How can we make the most of looming retirement?

Working and saving money for as long as possible may be the best strategy for those approaching retirement.

George Cochrane   What's the best solution for a couple galloping toward post-work life with a small super balance?

Turnbull might take GST hike to election

Assistant Treasurer Josh Frydenberg: "I have noticed a change in the public's mindset on the issue of the GST."

Peter Martin   Assistant Treasurer Josh Frydenberg has raised the prospect of the Turnbull government taking an increase in the goods and services tax to the next election.

YOUR QUESTIONS

Can we live in our investment property?

Downsizing from a home to an apartment may be a good option, particularly if you plan to travel a lot.

George Cochrane   Would moving out of our current home and then renting it out be a wise move?

GETTING AHEAD

Form-filling is worth all the pain if a tax refund’s on the cards

With the average tax refund being $2000, filling in a tax return can prove profitable.

David Potts   The choice is yours when it comes to taking advantage of that hard-earned refund.

SMSFs want lifetime contribution cap

Australian Chamber of Commerce and Industry chief Kate Carnell is one of seven signatories to a joint submission to the tax inquiry calling for an overhaul of the way super contributions are capped.

Sally Rose   Self-managed super funds have urged the government to replace the $30,000 annual cap on super contributions with a lifetime cap to encourage more people to save.

Schlumberger agrees to pay $51m to settle ATO claim

Schlumberger has been one of the biggest contractors to BHP in the past three years, particularly in the US shale sector.

Peter Ker   A multinational contractor to oil giants BHP Billiton and Chevron has agreed to pay more than $51 million to the Australian Tax Office to settle a "transfer pricing" claim.

Abbott's advisor wants more tax on super, capital gains

National Commission of Audit chair Tony Shepherd.

Peter Martin   The head of Tony Abbott's Commission of Audit has broken ranks with the Prime Minister on the question of superannuation, saying it's time to ask whether the multi-billion dollar system of tax concessions is achieving its aim.

Non-profit super labels deal on retirement incomes review a farce

Australian Institute of Superannuation Trustees chief executive Tom Garcia.

Sally Rose    The government's promise to review the retirement incomes system, in order to secure support from the Greens for its planned changes to the aged pension test announced in the May federal budget, has been labelled a farce.

TAX TRICKS

Seven days - and ways - to strike it rich

Think smart and get your tax affairs in order before the start of the new tax year.

Nicole Pedersen-McKinnon   There's a week to go until the end of the financial year. Seven days. Seven chances to save money.

GETTING AHEAD

End the financial year on an upswing

If the end of the financial year isn't going to be party for you, there are steps you can take now to add some fizz to your financial affairs.

David Potts   A financial nip-and-tuck is just the thing to think about before June 30.

DONATIONS

Getting clarity on charity giving

Brisbane resident Lauren Clemett chooses to support Nourish The Children, a charity which uses most of the money it receives to actually deliver.

Christine Long   As Australia's charities swing into end-of-financial-year donation drives, the question about administration costs often arises. So how can you work out which charities are worthy and which are not passing your money on to where you'd like it to go?

FIFO setback for BHP workers

A federal court ruling says employees travelling to remote locations should not be subject to fringe benefits tax.

Peter Ker   BHP has been told it cannot have workforces that are 100 per cent fly-in, fly-out, while companies running FIFO operations may soon enjoy a tax windfall.

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YOUR QUESTIONS

Let super take care of tomorrow while you live for today

If you plan to retire early, make sure your retirement plan has legs.

George Cochrane   Debt-free and planning to stop working in seven years. Will it all work out?