This year’s Productivity Commission inquiry into superannuation highlighted concerns that many Australians’ super benefits are being eroded by fees and inappropriate insurance premiums.

Have you ever considered joining a site like Airtasker to make some extra cash? If so, you’ll need to keep the ATO happy. Here, we explain the tax issues that arise when you earn money performing “gigs” through Airtasker, or any other online platform

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.

As bushfires continue to rage across the country, support for devastated communities are coming from all sides and the ATO is no exception. It has announced automatic deferrals for lodgement and payments for taxpayers in impacted postcodes in the states of NSW, Victoria, Queensland and South Australia.

Do you have any amounts of offshore 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.

With the rise the global economy and easy flow of money across borders, no country is immune to international tax evasion and money laundering.

A scam targeting vulnerable disaster victims has reared its ugly head. If you receive a SMS that supposedly gives you an 8% bonus on your tax return, the best course of action is to delete it.

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.

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.

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.

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?

The ATO will scrutinise every individual tax return lodged for the 2018-19 income year to find instances of incorrect claims.

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.

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

Saving for your first home? In a market where owning your home is increasingly out of reach for many, the First Home Super Saver (FHSS) scheme offers some practical hope. Here we look at how it works.

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.

The qualifying age to receive a genuine redundancy payment has recently been increased to the age pension age, so even if you’re over 65 you may still be able to receive the payment.

Made a tax loss? 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.

Looking for opportunities to improve 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.

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.

You’ve worked hard for your super, so make sure you access your benefits in the most tax-effective way possible. Members aged under 60 years will pay tax on their withdrawals, but if you’re over 60 you generally will not pay any tax

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.

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.

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.

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.

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.

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.

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%.

Taking an extended job posting 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.

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.