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Building Better Business – November 2021

They say the two inevitable things in life are ‘death and taxes’, and in this newsletter we cover off both – as well as several updates on superannuation.

In the world of tax, we examine how the CGT retirement exemption works where a gain has been made by company or trust – and why it’s best to seek the advice of a professional instead of attempting a DIY!

We also address why the common question ‘Are you an Australian resident for tax purposes?’ is such an important one. (Spoiler alert: the main reason is that if you are, you’re obliged to declare all income earned both in Australia and overseas!)

Becoming the executor of a deceased estate is often seen as an honour, but it’s also a huge responsibility: our third article looks at what’s involved should you ever find yourself appointed to execute the wishes of a deceased loved one.

Over in the superannuation world, we explain the new ‘stapling super’ mechanism, effective as of 1 November, that will automatically carry over an employee’s super fund to their new job with a view to reducing to the old problem of multiple super accounts. 

In good news for SMSF trustees financially impacted by COVID-19 lockdowns, our second super article outlines some of the relief that will be available in certain States and Territories in the 2021-22 financial year.

We hope you will find the topics interesting and thought provoking.

Please contact us if you wish to discuss how the points raised in this newsletter specifically affect you.

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