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Email: office@aubreypaton.com.au

Address: 17D Chester Street, Oakleigh VIC 3166

Latest Accounting News
Hot Issues
Global outlook summary: Down but not out
Bookkeepers remind on incoming TPRS obligations
Golden Rules for Deductions
How's Australia going - vital statistics?
Tax, SMEs set to be ‘political football’ in 2019 as election nears
Cap lifted on popular financing option for clients
Expiry of 900,000 interest-only loans set for January
Australian Taxation Office (ATO) Scam Alert: Fake Demands for Tax Payments
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Our Advent calendar for 2018
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Stop!! Don't do a paper Budget, use our online budgeting tools instead.
Employee Christmas Parties and Gifts – Any FBT?
Behavioural Coaching and your financial plans
FBT – Christmas Parties and Taxi Fares
Information needed to be the BBQ expert.
Tax consequences of trust vesting
Fringe Benefits Tax (FBT): employees’ private use of vehicles
ATO to contact clients over bank details
ATO claws back $850m in unpaid SG in FY 17-18
Appetite for property in SMSFs shows signs of life despite tough market
Superannuation gender gap narrowing, research shows
Identification numbers for directors
How financial advice helps create wealth.
Australia's vital statistics
Unlocking equity crowdfunding in Australia
$20m boost for SME clients looking to exporting
Work-Related Expenses
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Articles
Reduction to Minimum Pension Drawdowns for 2008/09
Government Stimulus Package
Working Australian Tax Bonus ($300 - $900 per individual)
Working Bonus – More Detail
Single Income Family Bonus ($900 per family)
Training and Learning Bonus ($950 per individual)
Farmer’s Hardship Bonus ($950 per household)
George & John News
2008 Tax Return Checklists
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Specific Roles of an Executor

What does an Executor do?
Specific Roles of an Executor
Appointor – what does this mean?

Role of Trustees of Family Trusts

PAYG Instalments 20% Reduction
Granny Flats - are you entitled to Rent Assistance?
Interest Rates & Strategies
Change in Fuel Tax Credits
Granny Flats - are you entitled to Rent Assistance?
As we age, we might have to choose between several different types of accommodation. One option that is viewed favourable by Centrelink is a granny flat.

A granny flat can be a separate, self-contained dwelling built on someone else's property, a right to accommodation for life, or a life interest in a home that is to be your principal home. You have a granny flat interest if you contributed money or other valuable assets - for example, your previous family home - in exchange for your granny flat, even if it legally belongs to someone else.

If you own or part-own your home you do not have a granny flat interest. The value of a granny flat interest is generally the same as the amount paid for the interest. However, a ‘reasonableness test' may be applied and amounts in excess of what is considered reasonable may be assessed under the gifting rules.

The value of your granny flat interest (Entry Contribution) is used by Centrelink to determine your homeowner status and eligibility to Rent Assistance.

Granny flat interests are often family arrangements and are seldom covered by any contract or agreement. However, this does not decrease their status for the purpose of these rules.

 

 

 

 

 



4th-February-2009