ATO Updates
Consumer Compensation (What You Need To Know)
Consumers compensated by financial firms need to consider tax consequences Impact of Financial Services Royal Commission With the ongoing financial services Royal Commission, and likely future cases brought before various courts for compensation — or indeed the present building of class action lawsuits on the back of various revelations to come out of the Royal […]
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ATO Taxpayer Alerts
Be aware of the “taxpayer alert” Have you ever read or heard about a “taxpayer alert” being issued by the ATO? Taxpayer alerts are the ATO’s “early warning” signals to the public about a certain area of concern; it could be about fraudulent schemes, or dodgy investments, or perhaps about a tax minimisation tactic that […]
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Personal Services Income (A Quick Overview)
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. […]
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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 […]
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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 […]
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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 […]
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