July 2024 | VOLUME 192
KSW Newsletter for Clients and Associates of Kreston Stanley Williamson
How the market substitution rules affect your CGT calculations
The market substitution rules in Australian capital gains tax legislation aim to prevent manipulation of capital proceeds from CGT events, such as selling assets or receiving gifts. These rules apply when the proceeds differ from the market value and parties do not deal at arm’s length. Continue reading to learn more about market substitution rules.
What’s new for SMSFs from 1 July 2024
Starting from 1 July 2024, several key changes for SMSFs include an increase in the Superannuation Guarantee (SG) rate to 11.5%, and higher concessional and non-concessional contribution caps, now set at $30,000 and $120,000, respectively. Read more to find out about other new updates.
Australian Tax Residency: A Complex Matter
Do you know if you are a resident of Australia for tax purposes? This seemingly simple question can have complex implications for your tax obligations and deductions. Understanding these rules is essential to ensure compliance and avoid unexpected tax issues. Learn more about residency test cases by reading further.
Celebrating a Successful EOFY at Kreston Stanley Williamson
As the financial year wraps up, Kreston Stanley Williamson celebrates another busy yet successful season. The Sydney team enjoyed a well-deserved gathering at China Doll, with contributions from Premier SMSF Solutions enhancing the festivities. The Philippine team was also recognized for their dedication with a special celebration. Read the full article to learn more about our EOFY celebrations.
Kreston Stanley Williamson
*Correct as of 29 June 2024
*Disclaimer – this newsletter has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability is limited by a scheme approved under professional standards legislation.
