Tax
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/l/d/b/t/1/image.related.thumbnail.90x60.gljold.png/1449692811092.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/j/z/u/l/3/image.related.thumbnail.90x60.glig2x.png/1449623361953.jpg)
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 ...](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/k/0/g/w/0/image.related.thumbnail.90x60.gl7rk5.png/1448426989384.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/k/j/c/x/6/image.related.thumbnail.90x60.gl4xbc.png/1449689611661.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/k/u/l/e/5/image.related.thumbnail.90x60.gl1n12.png/1447898553051.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/k/q/v/g/k/image.related.thumbnail.90x60.gkw2vv.png/1454281250226.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/k/j/c/x/6/image.related.thumbnail.90x60.gkrina.png/1448308320034.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/k/l/n/l/5/image.related.thumbnail.90x60.gkko07.png/1446178457216.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/h/1/l/v/x/image.related.thumbnail.90x60.gkl8d6.png/1446178446097.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/k/f/q/l/n/image.related.thumbnail.90x60.gkfqoq.png/1445488523621.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/k/e/m/d/f/image.related.thumbnail.90x60.gken1v.png/1446693857370.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/j/r/t/g/u/image.related.thumbnail.90x60.gkeqpc.png/1445502100875.jpg)
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](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/3/4/p/s/h/image.related.thumbnail.90x60.gk9udi.png/1453950920042.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/k/9/n/9/2/image.related.thumbnail.90x60.gk9n3m.png/1449874893673.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/k/3/l/p/3/image.related.thumbnail.90x60.gk3d3h.png/1446615420655.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/k/3/m/e/6/image.related.thumbnail.90x60.gk3hn5.png/1444488312426.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/i/s/n/b/z/image.related.thumbnail.90x60.gjxg6e.png/1443871390571.jpg)
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."](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/i/t/2/0/s/image.related.thumbnail.90x60.gjnz42.png/1443326030909.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/j/7/e/v/a/image.related.thumbnail.90x60.gj7ewq.png/1440485274356.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/i/o/k/2/9/image.related.thumbnail.90x60.gio9lk.png/1438644048943.jpg)
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 ...](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/i/j/v/t/r/image.related.thumbnail.90x60.gijnjo.png/1437904944050.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/1/0/c/4/5/o/image.related.thumbnail.90x60.gif426.png/1450147282097.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/h/u/q/d/f/image.related.thumbnail.90x60.ghukru.png/1452073311603.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/h/s/n/h/f/image.related.thumbnail.90x60.ghr6q2.png/1434707772205.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/h/t/2/j/c/image.related.thumbnail.90x60.ghrhxg.png/1435021029051.jpg)
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 ...](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/h/r/b/7/8/image.related.thumbnail.90x60.ghqh7c.png/1435017618551.jpg)
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 ...](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/h/q/x/l/y/image.related.thumbnail.90x60.ghoxx7.png/1434605056458.jpg)
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/h/g/p/9/k/image.related.thumbnail.90x60.ghlq5o.png/1434332399312.jpg)
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.
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.](/web/20160202213401im_/http://www.smh.com.au/content/dam/images/g/h/l/9/1/w/image.related.thumbnail.90x60.ghksxr.png/1434074606369.jpg)
George Cochrane Debt-free and planning to stop working in seven years. Will it all work out?