As usual, it’s time to organise your EOFY tax return, but it might be different this year. That’s because the ATO is now using cryptocurrency data matching to identify false tax deductions. While they are still keeping an eye on work-related expenses and asset write-offs,...
With the end of the financial year looming rapidly, it’s time to organise all your invoices so you can make the correct tax deductions in your tax return. However, knowing what and what you can’t claim as deductions can be a challenge, so here is...
We all hope to boost our retirement savings with our superannuation, but for some Aussies, this can seem like a pipe dream that has become out of reach. Specifically, people who work part-time, casual or who take extensive breaks from the workforce, often find it...
Thinking Ahead: Ensure Your Assets Are Protected! A self-managed super fund (SMSF) is a private superannuation fund that is run by an individual or appointed trustee. A SMSF is often more suitable for individuals who have larger supers, a breadth of knowledge in finance and extensive...
On October 22nd, 2018, the Australian Government released a document proposing the implementation and amendments to improve the integrity and operation of Division 7A. This was in response to the Government’s investigation for improvements to the Income Tax Assessment Act 1936.Division 7A BackgroundIf you’re a...
The Australian Government has introduced a new contribution cap – the downsizer contributions cap, which will come into effect as of the 1 July 2018. Whilst this new contribution cap is primarily for people downsizing their main residence, it can be beneficial for many other...