What is personal services income? Many professional people who provide services set up a separate entity to run their business, be it a trust, partnership or incorporated company. The purpose, of course, is the lower tax rate that these can secure, rather than at the top marginal tax rate that an individual would generally wear. Read More…
Private Tax Rulings (What You Need To Know)
Private ruling facts Some people believe you may be able to coerce a better tax outcome by applying for a private ruling from the ATO, but there are some sober facts that you may need to keep in mind if you have thought of doing this yourself. While it is the case that any taxpayer Read More…
Is Crowdfunding Taxable Income?
Crowdfunding and tax (what you need to know) … Not so many years ago, the concept of raising funds via crowdfunding would more likely be seen as a way to fund community-based, local-issue or “help-your-neighbour” initiatives. But increasingly these days crowdfunding is viewed as a viable source of seed capital and is no longer regarded Read More…
Tax Treatment Of Cryptocurrencies (Updates)
ATO updates crypto guidelines The ATO has updated its guidelines on the tax treatment of cryptocurrencies, including issues about exchanging one cryptocurrency for another and record-keeping requirements. Trading stock rules apply to cryptocurrency transactions In an update on the ATO website following its earlier guidance in July, the tax office has advised that if you Read More…
Tax Deduction For Your Superannuation Funds (How to Claim)
You can now declare a tax deduction for your retirement savings A recent change to the rules around superannuation means that more Australians may be eligible to claim a tax deduction for putting money into super. Before June 30, 2017, if more than 10% of your income was sourced from salary or wages from an Read More…
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