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Author: Harris Black

Did You Know? Main Residence Exemption Is Tricky

by Harris Black

Despite owning multiple properties, you cannot simply choose which property is your main residence to suit the best capital gains tax outcome at the time of sale.  In order to claim the Main Residence Exemption from CGT at the time of sale there is a need to establish the property as your main residence. 

Generally speaking, your main residence is considered to be the address at which you most frequently reside and is that recorded:

  • on the Electoral Role;
  • on your driver’s licence;
  • with the ATO; and
  • with your bank.

The existence of an electricity account and internet account in your name for the address and even photos of you residing at the property can also help establish a property as your main residence.

Harris Black Welcomes – Amelie Smith and Carley Chapman

by Harris Black

Carley Chapman and Amelie Smith have recently joined Harris Black to assist our wonderful Administration Team.

Carley has joined HB as receptionist and is enjoying interacting with our valued clients.

Some interesting fun facts about Carley… Her favourite subject in high school was Ancient History.  Without any preparation, Carley can give a 40-minute presentation on cold cases and serial killers.  If she could share a meal with any three individuals, she would choose Princess Dianna, Drake and Tutankhamen.  Aside from necessities, Carley could not go a day without going to the gym and if she had to plan a three-week holiday overseas, she would go to Japan, UK and Mexico.  Carley’s dream car is a Nissan Silvia S15.

Amelie is currently studying her Bachelor of Business (and achieving great results!).  She is working with our Admin Team part time whilst she completes her studies.  Her proudest accomplishment is completing an Accounting subject at QUT whilst in Year 12. 

Some interesting fun facts about Amelie – her favourite subjects in High School were Accounting and Music.  Amelie is also a massive AFL-Brisbane Lions fan and can give a 40-minute presentation on AFL without any preparation.  Aside from necessities, her cat Bella is one thing she could not go a day without.  Amelie is looking forward in coming months in taking a break from Uni and immersing herself in her new role at Harris Black.  If Amelie had to plan for a three-week holiday, she would go to Canada, Japan and France.   Also, her mum’s uncle is a distant relation to Rod Laver.

We are delighted to welcome Carley and Amelie to the HB Team!!

Charity – The Australian Red Cross

by Harris Black

Harris Black is proud to be supporting the “The Australian Red Cross”.

The Australian Red Cross was set up to bring people and communities together in times of need and to build on community strengths.  In addition to the Australian Red Cross Lifeblood branch which is responsible for the collection and distribution of blood, the foundation also supports people in natural disasters and other significant emergencies, provides help to the homeless, provides meals to people experiencing hardship, provides help and support to refugees, people seeking asylum and others who are vulnerable as a result of migration. 

Over the next 3 months, the team at Harris Black will be raising funds for the Australian Red Cross through various activities, such as a special morning tea and lunch fundraising which will include baby photos guessing games, boardgame tournaments, guess the lollies in the lolly jar and also a blood drive for those who want to participate.

To find out more about the Australian red cross, visit their website here – www.redcross.org.au

Did You Release $10,000 Of Superannuation Due To COVID-19?

by Harris Black

If you accessed all or part of the $10,000 “COVID-19 early release” payment from your Superannuation during the period in which it was offered, it is important to note that this will affect your ability to claim a tax deduction for superannuation contributions in the period 1 July 2021 to 30 June 2030.

Any amount released under the “COVID-19 early release” payment scheme must first be re-contributed before you are able to claim a tax deduction for voluntary personal concessional superannuation contributions.

For example, if you accessed a $10,000 “COVID-19 early release” in May 2020 and you contribute $15,000 of personal concessional superannuation contributions after 1 July 2021 and before 30 June 2030, only $5,000 of the $15,000 will be tax deductible.

Competitor Analysis

by Harris Black

By Paul Whimp

For any organization to excel in their chosen market, you need to know how you rank and where to focus your time and energy on the areas to improve that ranking.  One way to do this is to carry out a competitor analysis. 

This activity allows you to understand the key areas where you lag behind your competitors so that you can develop strategies and actions to close those gaps and become a leader in your market. 

How can we help you?

Today’s financial environment demands a regular review of strategy and a focus on execution.

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