The Second $66.1 bn Stimulus Package: What You Need To Know

The Second $66.1 bn Stimulus Package: What You Need To Know

The Government yesterday released a second, far reaching $66.1 bn stimulus package that boosts income support payments, introduces targeted changes to the superannuation rules, provides cash flow support of up to $100,000 for small business employers, and relaxes corporate insolvency laws. The stimulus measures are not yet legislated. Parliament will reconvene on Monday 23 March.…
Man reading letter from ATO regardinf Cryptocurrency Transactions

ATO Warning Letters Highlighting Cryptocurrency Tax Discrepancies hit Australian Mailboxes

The ATO’s cryptocurrency data-matching program, announced in May last year, has now resulted in an undisclosed number of letters being sent out to taxpayers, warning them to come clean with their capital gains or losses. Cryptocurrency records relating to up to one million individuals have been estimated to have been obtained by the ATO, with taxpayers given…
Young female Choosing an accountant

How to Choose the Right Accountant

Choosing an accountant is like choosing a new business partner. The right accountant will become a trusted colleague you can depend on, who offers advice and guidance as your small business grows. So what are the top things you need to look out for? Top tips for choosing an accountant Once you’ve decided it’s time…
Early Stage Business Owner with Employees

How to make your early stage business run more efficiently

Early stage businesses should be looking for ways to make their employees more productive and their business more efficient. More often than not, the answer lies in technology. But that doesn’t necessarily mean buying all the business-ready technology and software that’s available – instead, it’s about identifying which will have the most positive impact on…
Yacht at Sunset

News | ATO Targets ‘Lifestyle’ Assets

The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. “If a taxpayer is reporting a…
picture of a family home with toys on the floor

CGT and the family home: expats and foreigners excluded from tax exemption

Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact. Key points ·       Non-residents for tax purposes excluded from the main residence exemption from 9 May 2017 ·       Transitional…
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