ATO Updates
The State Of The SMSF Market
SMSF stats just keep getting better Recently the ATO released the latest update on the state of the SMSF market. The report covered the quarter to March this year. Many people have been anticipating the latest Self Managed Super Fund statistics as it usually contains some good news. The quarterly SMSF update The statistical report […]
Read MoreLife Insurance Policy Bonuses And Tax
Do you know the tax implications of your life insurance policy? When you have held a life insurance policy for 10 years or longer, reversionary bonuses received on that policy are generally tax-free. For policies held for less than 10 years, for taxation purposes stipulated amounts are included in your assessable income, and a tax […]
Read MoreProof Of Mobile, Home Phone And Internet Expenses
ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses If you use a mobile, home phone and/or the internet for work purposes you should be able to claim a deduction if there are records to support your claims. But the ATO points out that use […]
Read MoreHoliday Home Rental Tax Deductions – ATO Warnings
Is your holiday rental actually rented out? Australia has a lot of popular holiday destinations and the ATO is reminding taxpayers that it has its eyes on rental properties once again. The ATO claims some people are claiming deductions for holiday homes even where the property is not actually being rented out, or not “genuinely […]
Read MoreGST And Digital Currencies
Digital currency will no longer be subject to GST Starting 1 July 2017 bitcoin and other digital currencies will no longer be subject to the Goods and Services Tax (GST). The federal government made this announcement in the 2017-18 federal budget on Tuesday, 9 May 2017. The treatment of digital (or crypto) currency for GST […]
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