The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return. The first point to understand is that gains and losses from crypto are only…
THE ATO’s AGGRESSIVE STANCE ON TRUSTS AND TRUST DISTRIBUTIONS The ATO has released a package of new guidance material that directly targets how trusts distribute income. Many family groups will…
Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital…
A reminder of what changed on 1 July 2022 Business Superannuation guarantee increased to 10.5%$450 super guarantee threshold removed for employees aged 18 and overSmall business GST and PAYG tax…
One of the biggest complaints from salespeople in a tight economy is the time it takes to achieve a sale. So, what can you do to speed up the sales…
AREAS OF ATO SCRUTINY CRYPTOCURRENCY IN THE HEADLINES The ATO has been very active lately trying to dispel myths about how cryptocurrency is taxed. Determining the tax treatment of cryptocurrency…
TAX OFFSETS AND RELIEF FOR LOW AND MIDDLE INCOME EARNERS The Low and Middle Income Tax Offset (LMITO) has increased for the 2021-22 income year. The LMITO provides a tax…
CONTRACTOR OR EMPLOYEE? Many business owners assume that if they hire independent contractors they will not be responsible for PAYG withholding, superannuation guarantee, payroll tax and workers compensation obligations. However,…
HAVING TROUBLE WITH TAX DEBT If you are having trouble paying your tax liability, please let us know as soon as possible so we can negotiate a deferral or payment…
The ATO has not pursued many business tax debts during the pandemic and allowed tax refunds to flow through even if the business had a tax debt. That position has…