Cryptocurrency tax obligations
Cryptocurrency under the microscope this tax time The ATO is concerned that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars. ATO data analysis shows a dramatic increase in trading since the beginning of 2020, and has estimated that there are over 600,000 taxpayers […]
Improvements to be made to full expensing measure
The government will expand eligibility for the temporary ‘full expensing measure’ It temporarily allows certain businesses to deduct the full cost of eligible depreciable assets in the year they are first used or installed. The government initially announced in the 2020/21 Budget that businesses with a turnover of up to $5 billion would be able […]
Deferrals of interest due to COVID-19
Many lenders have recently allowed borrowers with investment property loans to defer repayments for a period of time. While repayments are being deferred, interest (and fees) will usually be added to the loan balance (i.e. the deferred interest will be “capitalised”). However, it is important to recognise in such situations that, while repayments are not […]
ATO on property investments
Investing in property? The ATO has reminded taxpayers in a property business or thinking about investing in property that there are things they should know. Such as: they need a clearance certificate from the supplier when buying property over $750,000; they may have to pay the GST on the sale of brand new residential property […]
Coronavirus: Government announces new tax measures
ATO’s support measures to assist those affected by COVID-19 The Government has announced a number of economic responses to the Coronavirus (or ‘COVID-19’) pandemic, including economic stimulus packages worth billions of dollars. Some of the key tax measures include: From Thursday 12 March 2020, the instant asset write-off threshold has been increased from $30,000 (for […]
Foreign income reporting
ATO watching for foreign income The ATO is urging taxpayers who receive any foreign income from investments, family members or working overseas to make sure they report it this tax time. New international data sharing agreements allow the ATO to track money across borders and identify individuals not meeting their obligations. “This year, the ATO […]
Financial transparency important
Financial transparency is important to investors When pitching a business to investors, getting the right number – whether it’s net profit, sales, margins – is key. But the kind of data you present depends a lot on the stage of your startup and the kind of investor you’re looking at. As an investor himself, Sam […]
Is it time to go off-grid?
Pros and cons 0f off-grid living Once considered a radical way to live, many Australians are now viewing an off-grid lifestyle as both economically and environmentally savvy. We delve into some of the pros and cons and whether it’s a good choice for you. Just a few years ago, going off-grid wasn’t something many people […]
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 […]
