Australian Tax Laws

If Santa was an Australian Tax Resident

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A lighter look at the complexity of Australian taxation laws and the year that has been. Dear Mr Claus, Thank you for the opportunity to provide strategic business, tax and compliance advice for your operation. We’re pleased you have initiated this advice as the Australian Taxation Office (ATO) has instigated a number or reviews that…
Main residence exemption myths and misconceptions

Main Residence Exemption Myths and Misconceptions

The surge in the residential property market continues to attract buyers and sellers, many involving the family home. This article considers the common myths and misconceptions when it comes to being eligible for the main residence exemption. When it comes to taxation, the family home is sacred. It is often the largest asset a taxpayer…
The ATO has recently issued an alert on gifts or loans from overseas

Overseas gifts and loans in the spotlight

The ATO has recently issued an alert on gifts or loans from overseas. The ATO is particularly concerned about schemes and arrangements designed specifically to circumvent Australian tax laws. In general, Australian-resident taxpayers need to declare their worldwide income in their Australian tax return. Some schemes however disguise offshore capital gains or income as a…
Tax and the Normalisation of Cryptocurrency

Tax and the Normalisation of Cryptocurrency

The Australian Taxation Office recently updated its guidance on tax and cryptocurrency. In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. You know when the banks come on board, cryptocurrency has become normal.…

How to set up your Director ID

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Directors are now required to register for a unique identification number that they will keep for life. What is a director ID? A director ID is a 15 digit identification number that, once issued, will remain with that director for life regardless of whether they stop being a director, change companies, change their name, or…
Further super reforms to ‘safeguard’ Australians’ retirement

Further super reforms to ‘safeguard’ Australians’ retirement

Treasurer Josh Frydenberg and financial services minister Jane Hume have encouraged citizens to get behind super reform changes that have come into effect this month, citing them as the “most significant in nearly 30 years”. In a joint release, the Treasurer and financial services minister confirmed that from 1 November 2021 Australians will see their…
ATO WFM Shortcut Method

ATO Guidance: Working From Home Shortcut

The Australian Taxation Office has extended the working from home (WFH) shortcut method to 30 June 2022. The temporary shortcut method has been available for employees who worked from home and incurred some additional running expenses as a result. It allows them to easily work out their WFH expenses from 1 March 2020 to 30 June 2020,…
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