Bluebird News

The Team at Bluebird Accounting would like to wish you a very Merry Christmas and Happy New Year. 2019 has been a very successful year and we value and appreciate your support and most importantly the trust you provide to us.  We are looking forward to being right by your side in 2020.

This month’s newsletter is the last one for this year, and this decade – gulp! So it’s all about planning for success in the 2020s. We also have an update on recently tabled legislative changes to the Main Residence Exemption for non-residents and a timely message from our HR guru on how to create an inclusive atmosphere this festive season.

Get ready for the roaring 20s (the 2020s that is)

What big ideas to you have percolating at the back of your brain? Read our blog to get some ideas on how to think big (and tax-wise) for your financial health next decade.

No CGT exemption for foreign residents

The Government has again tabled legislation aimed at denying the main residence Capital Gains Tax (CGT) exemption for non-resident taxpayers who own property. Non- resident taxpayers may be affected in the following ways:

For properties held prior to 7:30pm AEST on 9 May 2017, the CGT main residence exemption can only be claimed for properties sold up until 30 June 2020.

Non-residents won’t be able to claim the main residence CGT exemption on properties sold on or after 1 July 2020 unless specified ‘life events’ occur within a continuous period of six years of the taxpayer becoming a foreign resident. These include:

·    terminal illness of the taxpayer, their spouse or a child under the age of 18

·    the death of a spouse or child under the age of 18

·       a transfer of the relevant asset as a result of a divorce, separation or similar maintenance agreement.

The CGT main residence exemption won’t be available for properties purchased after budget night 2017, unless the above ‘life events’ occur within a continuous period of six years of the taxpayer becoming a foreign resident.

Celebrating diversity this festive season

This month, Debbie explores what it means to be inclusive this festive season and how to create an atmosphere that celebrates diversity within the home, workplace and community.

Hopefully by now you’ve had your work Christmas party, exchanged Secret Santa gifts and are winding down to spend the Christmas/New Year period with family and friends. If not, you can still be a tax-wise Santa by reading our blogs on tax-smart gift giving and office parties.

Until next month,

Julian, Liz & the Bluebird team