Data matching cryptocurrency
Cryptocurrency data matching program The ATO is collecting bulk records from Australian cryptocurrency designated service providers (‘DSPs’) as part of a data matching program to ensure people trading in cryptocurrency are paying the right amount of tax, and correctly meeting their tax (and superannuation) obligations. The ATO will collect data from cryptocurrency DSPs to identify […]
Permanent place of abode test
Taxpayer living in serviced apartments overseas not a resident The Full Federal Court has found that a taxpayer had a “permanent place of abode” in Bahrain, even though he lived in temporary accommodation, and therefore allowed his appeal against a decision that he was a resident of Australia. This decision confirms that the correct focus […]
What is a family trust?
Is a family trust a good solution for you? Family trusts can help you protect your assets, manage your family’s tax more efficiently and enable you to provide an income stream to a vulnerable family member. To decide whether a family trust could be good for your family it’s important to understand how they work and […]
What factors make certain investments more expensive?
Why some investments cost more than others People are sometimes unsure why different investment types cost more to manage than others. There can be several reasons for this. Let’s look at some of the main ones. When deciding what to invest in, there are three main factors you should consider: The expected return you need to […]
2019/20 Federal Budget changes to personal tax
Personal income tax Changes to personal income tax rates The Government has proposed the following changes to the personal income tax rates: From 1 July 2022, the Government will increase the upper threshold of the 19% personal income tax bracket to $45,000. The rates below do not include the Medicare Levy. The upper threshold of […]
Ageing and aged care in Australia
Receiving care in a residential aged care home In Australia, the government subsidises different types of aged care services to cater for older peoples’ needs and to support their carers – usually their family. This is a sensitive and complex area, and for more and more Australians is a decision they will need to make […]
Ageing and aged care
Ageing and aged care in Australia The number of people aged 65 and over in Australia is projected to more than double, to 8.8 million, over the next 40 years(1). This will undoubtedly increase the need for aged care in the community and put pressure on families and Government funding. Receiving help at home Initially, […]
Smart ways to give
Planned giving For many people, there are opportunities throughout each year that lend themselves to give gifts to show their appreciation of family and friends. It’s also a good time to give to those less fortunate. Here are some tips on smart giving. Set a budget Determine how much you can realistically afford to spend […]
Finding and consolidating super
Finding super sparks $860 million of joy New data released by the Australian Taxation Office (ATO) shows that Australians were busy finding and consolidating our superannuation accounts at the end of 2018. More than 66,000 people found and consolidated over 105,000 accounts worth more than $860 million from October to December 2018 using ATO online accessed via myGov. Assistant Commissioner Graham […]
WA Wills and estate planning
What happens if you don’t have a Will The Public Trustee WA conducted a survey in 2014 which found that only 35 per cent of adults had a current Will and only 19 per cent of families with young children have a Will. There are many reasons why so many people do not have a valid, […]
