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How are cryptocurrencies taxed?

How are cryptocurrencies taxed?

Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in Australia.

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( Posted in: Tax )

Proposed R&D changes

Proposed R&D changes

Unfortunately the aim to save $2.4B over 4 years has complicated the R&D Tax Incentive Scheme for companies with a turnover over $20M & reduced the benefits for the majority of claimants.

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( Posted in: Tax )

CGT and the family home

CGT and the family home

The family home of foreign residents and expats may be taxed if legislation before Parliament is passed by the Senate.

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( Posted in: Tax )

Budget Update 2018

Budget Update 2018

Reward for work is a dominant theme in this year's Budget. The seven year personal income tax plan initially targets low to middle income earners before making significant changes to the tax brackets.

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( Posted in: Tax )

What is Single Touch Payroll and do I need to do anything?

What is Single Touch Payroll and do I need to do anything?

Single Touch Payroll (STP) is the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO.

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( Posted in: Tax )

New rules capture SMSFs trading big with cryptocurrency

New rules capture SMSFs trading big with cryptocurrency

Sizable cryptocurrency transactions will “come to the attention of the ATO” under new rules that came into effect this week, so a mid-tier firm has put together a checklist of key considerations to keep SMSF investors compliant.

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( Posted in: Tax )

Should you use the new super measures when you buy/sell your home

Should you use the new super measures when you buy/sell your home

From 1 July 2018, new laws come into effect allowing first home buyers to use their super to help buy a home, and at the other end of the spectrum, downsizers to contribute proceeds from the sale of their home to super without many of the normal restrictions.

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( Posted in: Tax )

Tax Deductions: the danger zones

Tax Deductions: the danger zones

A recent Parliamentary Inquiry into Tax Deductions created some fairly sensational headlines about what and how deductions are being claimed - $22 billion worth to be exact. 

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( Posted in: Tax )

Trademarking

Trademarking

A trade mark is a way of identifying a unique product or service.

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( Posted in: Tax )

2018 land tax assessments

2018 land tax assessments

The 2018 land tax assessments will issue between the months of January and May 2018.

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( Posted in: Tax )

Cash is King

Cash is King

Cash flow is the life blood of any business and remains a massive ongoing challenge for business owners.

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( Posted in: Tax )

Tax incentives for early stage investors

Tax incentives for early stage investors

On the back of the Turnbull Government's push towards supporting an innovative Australian economy

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( Posted in: Tax )

E-Audits - Computer assisted verification methodologies

E-Audits - Computer assisted verification methodologies

In the course of conducting reviews or audits, The ATO may use E-Audits 

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( Posted in: Tax )

Renovating Properties

Renovating Properties

Lately, the ATO is taking a particular interest in scenarios where properties are renovated and then on-sold.

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( Posted in: Tax )

Potential New GST rules - Purchaser GST withholding on sales of new residential premises

Potential New GST rules - Purchaser GST withholding on sales of new residential premises

Under the current GST law, GST is included in the purchase price of new residential premises and new potential residential land;

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( Posted in: Tax )

Six Facts About Property Depreciation & Capital Gains Tax

Six Facts About Property Depreciation & Capital Gains Tax

One question investors often ask about claiming depreciation on a rental property is 'how will these claims effect Capital Gains Tax (CGT) when the property is sold?

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( Posted in: Tax )

Understanding how SMSF contributions work

Understanding how SMSF contributions work

Contributions can play an essential role in a self-managed superannuation fund (SMSF).

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( Posted in: Tax )

Time is running out to update your family trusts to exclude foreign persons as beneficiaries

Time is running out to update your family trusts to exclude foreign persons as beneficiaries

Earlier this year it was announced the potential tax and stamp duty consequences on holding residential property in family trusts

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( Posted in: Tax )

To work or not to work?

To work or not to work?

To work or not to work? That is the question many Australian women (and some men) have to consider after having children.

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( Posted in: Tax )

Legal Ownership - It pays to get it right!

Legal Ownership - It pays to get it right!

When we buy property or other assets we generally give little or no thought to the legal ownership of that asset.

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( Posted in: Tax )

Australia’s different terminologies for Dual Occupancy Property.

Australia’s different terminologies for Dual Occupancy Property.

Across Australia we have many items that have different names or are even defined differntly across our different States and Territories and it also happens in property with Dual Occupancy.

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( Posted in: Tax )

Tax Deductions - Legal Expenses

Tax Deductions - Legal Expenses

One of the most common topics prefaced by "Can I claim" is legal expenses.

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( Posted in: Tax )

Death and Small business CGT concessions

Death and Small business CGT concessions

When a person dies, their assets are transferred to their legal personal representative (LPR)

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( Posted in: Tax )

Employee or independent contractor?

Employee or independent contractor?

There are many factors which contribute to determining what makes an employee and an independent contractor.

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( Posted in: Tax )

Ride-sourcing and tax

Ride-sourcing and tax

Ride-sourcing is the term given to transporting passengers for a fare through the sharing economy. If you have a ride-sourcing enterprise, fares you receive are subject to GST.

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( Posted in: Tax )

E=MC² for Property Investors

E=MC² for Property Investors

When Albert Einstein created his ground-breaking theory of relativity, he would hardly have been thinking about real estate.

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( Posted in: Tax )

Have you made a capital gain this financial year?

Have you made a capital gain this financial year?

If you find yourself with a capital gain this year because you sold an investment property or some shares, it is time to take stock of your other investments and determine if now might be the right time to realise a capital loss. 

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( Posted in: Tax )

BIG tax breaks for Small Businesses

BIG tax breaks for Small Businesses

Some great news, - there is an increase to the aggregated turnover threshold to $10 million for access to small business tax concessions from 2016-17. 

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( Posted in: Tax )

PAYG Income Tax Withholding Variation

PAYG Income Tax Withholding Variation

Your employer is required to withhold tax during the year to cover your estimated tax liability from your employment income.

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( Posted in: Tax )