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…
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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.…
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How to set up your Director ID

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…
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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…
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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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NSW doubles down on alfresco dining with $66m stimulus

Alfresco Restart Scheme: NSW Government Announce $66m Hospitality Package

The Perrottet government is set to offer $5,000 start-up grants to 5,000 emerging hospitality businesses across the state in a bid to jump-start the NSW economy. The NSW government announced a $66 million hospitality package as part of its “Alfresco Restart” scheme aimed at revamping alfresco dining, “outdoor activations” and events businesses across the state…
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BECOME A SUPERANNUATION MILLIONAIRE WITH A SMSF

Become a superannuation millionaire with an SMSF

According to the Australian Taxation Office (ATO) statistics, there were (as at 30th June 2021), approximately 600,000 Self Managed Super Funds (SMSF) holding approximately $820 billion in assets or about 25% of the $3.3 trillion invested in superannuation. With the advent of COVID, many saw this as an opportunity to take control of their wealth…
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