Personal Tax

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

  • Gig Platform ClaimsHave 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

  • ATO Work Clothing ClaimsPlanning 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.

  • Support For Bushfire VictimsAs 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.

  • Declare Offshore Income

     

    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.

  • New ASIC PowersIn 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.

  • CGT on Inherited DwellingThere’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.

  • Work Claim TripsAs 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?

  • Tax Office Scrutinising ReturnsThe ATO will scrutinise every individual tax return lodged for the 2018-19 income year to find instances of incorrect claims.

  • Dealing with ATOBeing 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.

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

  • First Home Super SchemeSaving 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.

  • Redundancy Age IncreaseThe 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.

  • Tax Loss PlanningMade 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.

  • Defer GST On ImportsLooking 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.

  • Health Cover Tax CostsIf 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.

  • Super withdrawal taxYou’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

  • Super Insurance OptInThere 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.

  • Corporate SMSF Trustee BenefitsSetting 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.

  • Hobby Farm or a BusinessHankering 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.

  • Lending to your SMSFThinking 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.

  • Less Tax For Some BackpackersA 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.

  • SMSF Overseas StrategyTaking 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.

  • ATO Business Debt DisclosureProposed 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.

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  • Cash Payments Limit FactsThe proposed $10,000 economy wide cash payment limit has understandably elicited some confusion among the general populous. Chief among them is to what extent will personal transactions be included in this limit.

  • Rental Property Claims0Rental 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 Claims1Are you 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.

  • Super Guarantee Loopholes ClosureSalary sacrifice strategies are a great way to boost retirement savings. But unwelcome loopholes in the law mean some workers may be getting less than they bargained for.

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