Age Pension, will I qualify when I reach pension age? As we start to think about retirement, one of the first questions many of us ask is “Will I qualify for the Age Pension?” To help you understand your eligibility, we outline the basic thresholds that apply under the different means tests and what types of assets and income sources are included.

Airbnb and home sharing, be aware of tax implications. Do you rent out a part of your home, or a holiday home, on Airbnb, Stayz or another sharing site? Perhaps you see this as a way of making a little extra income to help the household budget or to save for that holiday.

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ATO data matching on ride sharing Uber Lyft drivers, while the Coronavirus pandemic has put many things on hold, it hasn’t stopped the ATO from going ahead with its data matching programs.

ATO data matching program for online selling extended. Online sellers beware, the ATO has extended its current data matching program for another 4 years to ensure that businesses and individuals are correctly meeting their registration, lodgement and tax obligations.

ATO Death and taxes improvements coming soon. They say only two things are certain in life, death and taxes, and when these two certainties collide, it necessarily causes stress and difficulty.

ATO power to report business tax debts to credit agencies. Proposed new ATO powers to disclose business tax debts to credit reporting agencies mean businesses with long-term unpaid tax bills could see their credit rating affected.

Audit by ATO, your guide to small business benchmarks. The Australian Bureau of Statistics recently estimated that unreported business income totals around $24 billion, or 1.5% of our nation’s gross domestic product.

Australian resident or not a resident, what are you? Tax residency is a complex area where the decision is made based on individual circumstances.

Backpackers on working holidays are to pay less tax. A recent case on the “backpacker tax” received wide ranging media coverage and was hyped as a win for all working holiday makers. However, take a closer look, and it is clear that the case has a much narrower application than reported.

Bad SMSF trustee behaviour can lead to disqualification. A tribunal decision upholding the ATO’s call to disqualify an SMSF trustee from acting as a trustee again is a reminder of the importance of SMSF trustee responsibilities.

Bitcoin Part 1, personal investors be aware of the tax effects. There has been plenty of press coverage on bitcoin, but what are the tax consequences if you decide to join the craze?

Business tax losses may benefit your business later. If you’re a sole trader or individual partner, you may be able to apply the loss against other income like salary or investment income, or carry the loss forward to a future year.

Can I access my super early? I need help with expenses. Thinking about tapping into your super early to help with mounting expenses? Mortgage repayments, medical treatments and hard-to-meet living costs are all potentially valid reasons for early access to super – but the eligibility rules are strict.

Capital gains tax and death, it’s not the end of the world. There’s nothing as certain as death and taxes, but tax on death is not so clear. The good news is that when an asset passes to a beneficiary, capital gains tax (CGT) generally does not apply. But down the track when the beneficiary decides to sell that asset, there are many forks in the path.

Cash income from gig economy sites? Are you declaring it? Have you ever considered joining a site like Airtasker to make some extra cash?

A new Centrelink and ATO data matching program is currently underway and will apply for the 2019-20 and 2020-21 income years. The program relates to the use of Single Touch Payroll (STP) data.

Claiming work trips for business owners with some private time? As a business owner you can deduct the cost of work trips you need to take for business. But what happens when you mix business with some hard-earned time for relaxation?

Clearance certificate from the ATO to sell your home? Did you know that if you’re selling your home you may need a capital gains withholding clearance certificate from the ATO?

ATO will be expanding the work of the Tax Avoidance Taskforce with a new program focusing on high wealth private groups. That segment encompasses approximately 9,000 individuals and 18,000 companies, the ATO will work on closing the tax gap: targeting high wealth private groups.

Clothing deductions, ATO clamping down so be careful. Planning to claim some clothing or laundry expenses this tax time? These deductions are on the ATO’s watch list again this year, and there are many traps for the unwary.

Clothing expenses, ATO cracking down this tax time. Beware of work-related clothing and laundry expense claims this tax time, the ATO is cracking down on individuals making unsubstantiated and exaggerated claims.

Common CGT obstacles homeowners meed to be aware of. Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex and contain many traps.

Compulsory super, speed up your retirement savings? The compulsory superannuation guarantee rate which is currently 9.5% is set to increase over the next few years.

Consumers to have better protection under new ASIC powers. In response to the recommendations of the Banking and Financial services Royal Commission and the ASIC Enforcement Review Taskforce Report, the government has proposed new enforcement and supervision powers for ASIC to restore consumer confidence in the financial system, particularly in relation to financial advice.

Cryptocurrency compliance may include income and CGT. Bitcoin is “neither money nor a foreign currency” the ATO warns, but it is still an asset that can be treated as income or counted as capital gains.

Dealing with the ATO, being a smart taxpayer means knowing what resources are available to you and understanding how the ATO deals with individuals as tax problems arise. Here are three simple things all individuals can do to help keep their tax affairs as stress-free as possible this tax time.

Declare personal use of your business trading stock? For business owners in industries such as hospitality and food retail, using small amounts of the business’ trading stock for personal use is a reality of day-to-day operations.

Does listing my home on Airbnb affect my tax return? Australia’s growing “sharing” economy provides many opportunities to make extra income.

Don’t lodge before your information made available by ATO. With Tax Time 2020 just around the corner, many individuals on reduced income or have increased deductions may be eager to lodge their income tax returns early to get their hands on a refund.

“Downsizer” super contributions let you contribute some of the proceeds from the sale of your home into superannuation – but there are several important eligibility requirements.

Downsizer superannuation contribution, will it work for you? The government’s new opportunity for “downsizing” Australians to contribute some of the sale proceeds from their home into superannuation may appear to be a very attractive strategy for many individuals who wish to use equity in their home to boost their retirement savings.

Excess super contributions determination, know your options. The ATO has begun issuing determinations to individuals who exceeded their concessional super contributions cap for the 2017-18 financial year.

Fair Work Commission finding that Uber is not an employer. Employer groups have been dealt a blow after a Fair Work Commission finding that Uber was not an employer and thus unfair dismissal laws did not apply.

First Home Loan Deposit Scheme, help for first home buyers. The new year means more help for first home buyers to get on the property ladder. The new First Home Loan Deposit Scheme came into effect on 1 January 2020 and seeks to provide eligible first home buyers on low and middle incomes with a guarantee so they can purchase a residential property with a deposit of as little as 5%.

Foreign income not disclosed? Make a voluntary disclosure to ATO. If you have any amounts of offshore foreign income you haven’t declared to the ATO – perhaps interest from a foreign bank account? Even if it seems like a small amount, you must declare it.

Foreign residents and changes to main residence exemption. Laws limiting foreign residents’ ability to claim the CGT main residence exemption are now in place. This means that if you’re a foreign resident at the time of disposal of the property that was your main residence, you may not be entitled to an exemption and may be liable for tens of thousands in capital gains tax.

Genuine redundancy payment qualifying age increases to the age pension age, so even if you’re over 65 you may still be able to receive the payment.

Government extends the instant asset write-off again. This extension of the instant asset write-off for a further year is great news for small businesses who may be planning to purchase assets for use in their business in the near future.

GST on imports, are you optimising your business cashflow? If you import goods as part of your business, you don’t have to pay GST upfront if you’re registered for the ATO’s deferred GST scheme. Instead, you can defer and offset GST amounts in your next activity statement.

GST payable by developer transferred to new home purchaser. With the real estate market hotting up for another year, many home buyers will turn their thoughts to newly constructed residential premises or subdivisions, but a recent Bill introduced may increase the costs and complexity of such purchases.

Health insurance and tax, should you have health insurance? If you don’t hold private hospital cover – or are thinking about dropping it – make sure you understand the financial consequences. You could be hit with an extra tax surcharge of up to 1.5% or cost yourself extra premiums in future.

Higher education debt now follow you wherever you go. Horror movie monsters have nothing on the higher education debts which will follow you to the ends of the earth.

Hankering for a hobby farm? Have a penchant for a few shimmering vines, or maybe a cluster of Angus cows on green pastures? Maybe you’re already “farming”. You might see your rural acres as a hobby but your idyllic vision may not be one shared by the ATO if it morphs into a business.

Illegal phoenixing, ATO retaining taxpayers refunds. The ATO now has broader powers to retain refunds in instances where taxpayers have outstanding notifications.

Inactive super account, changes are coming are you affected? This year’s Productivity Commission inquiry into superannuation highlighted concerns that many Australians’ super benefits are being eroded by fees and inappropriate insurance premiums.

Income Statement replaces Payment Summary. This year there are changes to how many employees access their tax information including their income statement from their employer.

Instant asset write-off, how will help your business? You may have heard about it but do you understand exactly how it can benefit your business?

Insurance in super, the impact of proposed changes, there are new rules on the way that will require young adults and members with low super balances to actively “opt in” to holding insurance in super.

Insurance payouts taxable? Australia has been battered by a combination of fire and flooding in the past few months, it is little wonder then the topic insurance payouts are on everyone’s lips. What is perhaps most concerning is that not everyone knows insurance payments may have tax consequences.

Lending to your SMSF? Thinking about a gearing strategy for your SMSF? It’s possible to borrow from a related party, but you must structure the loan terms correctly or else face significant tax penalties.

Lodge super enquiry with ATO if employer has underpaid super. Are you an employee that has been underpaid super by your employer?

New work test exemption for recent retirees from 1 July. The government has created a new opportunity for some recent retirees to make additional superannuation contributions.

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Rental property tax deductions, what can we claim? Rental property deductions have many rules, and the ATO is on the lookout for incorrect claims. Some expenses can be deducted immediately, while others will need to be claimed over time. Stay on top of the rules and avoid ATO headaches this tax time.

Rental property tax deductions, what can we claim? Paying off a loan for an investment property you’ve purchased? The ATO says over-claimed interest is a common error made in rental property expense claims.

Retirement for super access purposes, what does it mean? Did you know that if you’re aged between 60 and 64, you can access your super if you change jobs without retiring permanently?

Review highlights failings in superannuation system. The Productivity Commission’s recent report on Australia’s superannuation system reveals some concerning weaknesses in the APRA regulated funds sector, particularly for millions of member accounts in “MySuper” default funds.

Selling shares, how much capital gains tax will you pay? Did you know that when you sell your shares, the size of your capital gains tax bill is affected by how long you’ve held the shares, and how you offset your capital gains and losses?

SMSF and working overseas, for how long are you away? When you go overseas to work or travel for an extended period of time, ensuring that your SMSF stays complying is probably the last thing on your mind.

SMSF investment strategy. While many trustees will know that self-managed super funds (SMSFs) are required to prepare and implement an investment strategy, what they may not know is that specific factors have to be considered in forming the investment strategy including the risk of inadequate diversification.

SMSF member and moving overseas? If you currently have an SMSF, you’ll need a strategy for managing your super to ensure your fund doesn’t breach any residency rules. Know your options and plan before you go.

SMSF membership may soon be able to increase to six members. A large member group in an SMSF creates a number of important planning issues that need to be carefully managed.

SMSF trustee, is a corporate trustee worth the extra expense? Setting up a new SMSF does involve some cost, and one of the decisions you’ll need to make is whether it’s worth paying to establish a new company to act as trustee.

SMSFs vs other types of funds, some issues to consider. For many people, SMSFs are a great option for building retirement savings, but they may not be suitable for everyone.

Student loan limit changed by Government from January 2020. With the cost of studying at university going up every year, a new combined, renewable student loan limit has been implemented from 1 January 2020 to enable university students borrow more to cover the cost of tuition.

Super and bankruptcy, can creditors access my benefits? Superannuation is an effective investment structure for asset protection, but a questionable contribution into super could jeopardise some of your benefits in the event of bankruptcy. How you access your benefits can also make a big difference.

Super deductions, get them right or the ATO will get you. Recent changes to the law mean many more Australians can now claim deductions for their personal super contributions.

Super opt out choice for high earners with multiple jobs. If you’re a high income-earner with multiple employers, you may be aware of potential traps with compulsory super contributions that can lead to some hefty and unfair penalty taxes – and until now there’s been little anyone can do to avoid the problem.

Super withdrawal, how much tax is withheld from super? You’ve worked hard for your super, so make sure you access your benefits in the most tax-effective way possible.

Superannuation contributions, this will help you catch up. The government’s new measure to allow those with less than $500,000 in superannuation to “catch up” on missed superannuation contributions is a great opportunity for anyone who takes time out of work or otherwise has “lumpy” income that means they have a varying capacity to make contributions from year to year.

Surcharges for cards that are excessive are banned. Australia’s consumer law has changed to limit the amounts that businesses can surcharge customers for using payment methods such as credit, debit and prepaid cards.