Confusion reigns over superannuation transfer balance cap A recent speech by the ATO’s Assistant Commissioner for Superannuation demonstrates the very practical problems with the new superannuation rules. The $1.6 million transfer balance cap (TBC) that limits the amount you can hold in a superannuation pension requires trustees to be aware of how close they are…
New immediate deduction for primary producers Legislation that passed Parliament last month will enable primary producers to claim an immediate deduction for fodder storage assets such as silos and hay sheds used to store grain and other animal feed. The deduction is available if the primary producer first uses the asset or has the asset…
Working from home What deductions can you claim? For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses. We guide you through what you can and can’t claim if you…
Cryptocurrency guidelines updated The Australian Tax Office (ATO) has updated their guidelines on the tax treatment of cryptocurrencies, following community consultation in 2018. The updated guidelines help you learn more about the tax implications of cryptocurrency, including the practical issues of exchanging one cryptocurrency for another and associated record-keeping requirements. If you have purchased, traded…
What does the China/US trade war mean to Australia? As the bilateral trade war between the US and China heats up, we look at what this might mean to Australia caught between its cultural and military ties to the US and its strong economic relationship with China. At the annual United Nations General Assembly President…
Tax and the enterprise of renting, hiring or sharing their car, caravan or RV sharing If you rent, hire or share your car, caravan or recreational vehicle (RV) through a sharing economy platform, you: must declare the income in your tax return may need to pay goods and services tax (GST) on the amounts you earn…
ATO takes its share of car sharing The extra income earned by people taking part in car sharing services such as Car Next Door or DriveMyCar has come to the attention of the ATO. The car sharing services work by making private cars publicly available in a similar way to other car hire services –…
Tax ‘safe harbour’ for inherited property When someone inherits a dwelling there are some special rules contained within the main residence exemption provisions that can provide a full exemption if certain conditions are met. If the conditions are not met, the beneficiary might face a nasty capital gains tax (CGT) bill for their good fortune.…
New domestic violence leave entitlements come into force A Fair Work Commission decision created a new entitlement for most Australian employees; unpaid family and domestic violence leave. The Fair Work decision provides five days’ unpaid leave per annum to all employees (including casuals) experiencing family and domestic violence. The leave will also be available in…
The impending changes to speed up your HELP repayments The Government has moved to put an end to ‘eternal students’ who constantly study and never earn an income and speed up the payment cycle for those with outstanding debt. New lifetime caps on Higher Education Loan Program (HELP) debt will prevent people from constantly going…