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

Blog | 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…
Family looks on to raging bushfires near their property

News | ATO Grants Automatic Deferrals in Bushfire Support

The ATO has granted an automatic two-month deferral for lodgements and payments to those impacted by the ongoing bushfire crisis. Identified impacted postcodes across New South Wales, Victoria, Queensland and South Australia will be granted an automatic two-month deferral for activity statement lodgements and payments due. Taxpayers or their agents do not need to apply…
Two Farmers fighting bushfires on their property

News | Accounting Profession Responds to Bushfire Crisis

The professional accounting bodies have begun launching initiatives to help support accountants and their clients affected by the ongoing bushfire crisis. Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia and the Institute of Public Accountants (IPA) have now confirmed that they will be providing support to communities ravaged by the bushfire disaster. CA…
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