It’s “Frivolous Friday” again and I wanted to share my recent experience of “true relaxation”.
Last weekend, as part of my ongoing 40th birthday celebrations, I was treated to a weekend at Hepburn Springs in regional Victoria.
I find it difficult to fathom that this place is practically on my doorstep, yet this was my very first visit!
But what surprised me more, was how deep in relaxation I found myself – I’ve never thought I had trouble relaxing, I mean I’m quite happy to have a quiet night in on the couch, but this was a completely different feeling!
Upon my arrival on Friday, I spent most of the afternoon and evening catching up with my good friend K. We made a quick trip out to grab some take-away for dinner, and then I was straight to sleep…for nine hours!
Saturday, we indulged in a late breakfast and a two hour massage before collapsing on the deck to enjoy a cheese platter and cider (it was perfect weather for this too!) – would you believe me if I said we had left-overs for dinner and then I had another nine hour sleep? Oh, yes I did!!
With minimal social media use and flicking through a magazine to pass the time, I didn’t even open the novels I took, and I certainly didn’t read the information I had collected at a training session during the week – I actually found it really difficult to keep my eyes open!
I am positive the quiet rural atmosphere and change of scenery had something to do with this…but I’ve booked in for a mani/pedi tomorrow to try and keep that relaxed feeling, just in case!
Or maybe you’re just thinking of selling the house…either way it pays to be informed regarding any potential tax liabilities – agree?
When considering the tax implications of selling a house, you first need to consider the nature of the house, or the purpose for which it is held.
There are instances where taxpayers hold houses as trading stock, we won’t be discussing the tax implications in those cases here today – rather, I wanted to draw your attention to situations where houses are held as capital assets, and their sale may be subject to Capital Gains Tax (CGT).
It is widely understood that taxpayers do not have to pay any tax on the proceeds of selling their main residence – but if you have used your main residence for business purposes, there may in fact be a portion that is subject to tax.
In cases where the house has always been held as an investment, it is likely that the transaction will fall within the scope of CGT…
In either case, you should discuss the details with your accountant prior to arranging your sale, so that you are fully informed of the potential outcomes.
The type of information you’ll need to provide your accountant include:
- details of the acquisition date and price
- stamp duty and legal costs paid on purchase
- capital items acquired for the house during the time of ownership (including renovations)
- details of tax claims made (they may have this information if they have been preparing your tax returns)
Upon sale you will need to consider the following:
- sale date and price
- agent’s commission and other selling costs
- apportionment of sale price between property and fixtures and fittings
Your accountant will let you know if they need any further information, but having the above items ready will be to the benefit of both you and your accountant – and even if you’re not ready to sell, it’s a great idea to collate this information and keep it in a safe place anyway!
Well, not quite Happy Birthday Money…but Happy Birthday to the Royal Australian Mint…in fact, Happy 50th Birthday!
I discovered through the Australian Bureau of Statistics (ABS) that yesterday was the 50th birthday of the Royal Australian Mint, so I thought I’d share a few facts and figures with you – since I’m sure you all, like me, have some type of dealing with money every day!
While the ABS advise that the Australian economy is over 1.5 trillion dollars in size (try picturing that many $1 coins!!)…let’s talk about the coins you and I are more familiar with!
The decimal currency we use today was introduced on 14th February, 1966 (we’ll be celebrating 50 years next year!) – the Royal Australian Mint was opened the year before in preparation of the adoption of our own decimal currency and began production of the coins at that time.
Since then, there have been a number of changes to the coins we use, namely:
- The current 12 sided 50 cent coin replaced its previous round version in 1969
- The $1 coin was introduced in 1984
- The $2 coin was introduced in 1988; and
- 1 cent and 2 cent coins were removed from circulation in 1990
I remember visiting the Royal Australian Mint as a child, and I know there are many valuable lessons to be learnt – about history and money – so if you are in the area, I recommend you pay a visit!
PS I’ve been visualising a few of you nodding your head as you recognise these dates…dare I ask, does anyone remember the introduction of decimal currency in 1966??
I’m sure you know by now that ABN is the acronym for Australian Business Number…but who needs an ABN and can you have more than one?
In short, as a business you’ll need an ABN to operate in the GST system and to avoid having withholding tax of 49% retained from payments to you, for not quoting an ABN.
An ABN is also useful for other businesses to identify your business and confirm details (the ABN Lookup tool is fabulous)…and you’ll need an ABN if you want to register for the AUSkey we discussed earlier in the week.
With regards to the question “How many ABN’s can I have?” – the simple answer is ONE!
ONE per entity that is – so each individual, trust, company or partnership is entitled to only one ABN (and if you cancel your ABN and then re-apply at later date…you’ll be issued with the same number).
Having said that – if any of these entities are registered for Goods and Services Tax (GST) and operate more than one business, they may be able to register for a GST Branch.
A GST Branch is a three digit number attached to the end of your ABN and allows you to report your GST obligations for each branch separately.
As always there are a few conditions required to be met to use a GST Branch, if you would like more information, go to the Contact page!