TAX IMPLICATIONS OF INVESTING IN CRYPTOCURRENCIES
If you are amongst the estimated 600,000 taxpayers that have invested in cryptocurrencies or are attracted to the idea, then this month’s column should be of interest to you. On 28th May 2021 the ATO issued a statement addressing Australia’s cryptocurrency investors...
TAX IMPLICATIONS OF RECEIVING COVID-19 FINANCIAL SUPPORT
This month we will turn our attention to Government grants, payments and stimulus programs that have delivered desperately needed financial support for individuals and businesses impacted upon by the COVID-19 lockdowns. There has been such a complex array of support...
TAX TIPS AND TRAPS FOR RENTAL PROPERTY OWNERS – Part B
If you own a rental property and you missed reading my September column it would be a good idea to download page 28 of the September edition of The Diary and read Part A of this topic before progressing to this month’s column. A key area where the ATO has found a high...
TAX TIPS AND TRAPS FOR RENTAL PROPERTY OWNERS – Part A
If you are one of the more than 1.8 million Australians owning investment rental properties then this month’s column will be of interest to you. Assistant Commissioner Tim Loh recently reminded property investors to take more care when submitting their tax returns as...
TAX TIME TIPS AND TRAPS
This month’s column will be relevant for individuals preparing and lodging their own tax return or providing information to their tax agent to prepare and lodge their tax return. In particular the focus will be on claiming work related expenses and in particular...
THE 2021 FEDERAL BUDGET – WHAT’S IN IT FOR YOU
The 2021 Federal budget is a big spending budget designed to create jobs, stimulate business investment and build confidence following the first recession since 1990, thanks to the impact of the Covid-19 pandemic. Due to space restrictions this month’s column is...
GETTING READY FOR TAX TIME – PART A
The time is fast approaching when we need to direct our thoughts to decisions that need to be made well before 30th June 2021 in order to minimize our tax liability or maximize our tax refund. We also need to focus on getting our paperwork in order to ensure all...
TAX IMPLICATIONS OF INVESTING IN SHARES – PART C
This month’s column is the third in the series addressing the tax implications of investing in shares and explains the impact of capital gains tax on the sale of shares by investors that are not categorised as share traders. If you are a share trader or contemplating...
TAX IMPLICATIONS OF INVESTING IN SHARES – PART B
In my February column I explained the tax implications of investing in shares that pay franked dividends and how you calculate the return you are earning on your investment. You may wish to visit that article which is available on The Diary website under columns....
TAX IMPLICATIONS OF INVESTING IN SHARES – PART A
A survey of 2046 Australian adults by researcher Qualtrics commissioned by financial comparison website Canstar found that 40% of young Australians invested in the share market in 2020. Forty-four percent of respondents aged 26-40 and 42% aged 18-25 participated in...
CHRISTMAS PARTIES – TAX TIPS FOR EMPLOYERS IN THE YEAR OF COVID-19
Christmas is rapidly approaching and those of us that are in business will hopefully be planning Christmas parties and maybe gifts and/or cash bonuses for employees and possibly gifts for clients and business associates. Those of us who are employees will be eagerly...
TAX BENEFITS FLOWING FROM THE FEDERAL BUDGET
This month’s column will focus on the personal income tax changes and how they will impact on the tax payable on your taxable income and when you can expect to see these tax benefits flowing into your bank account. Changes to Tax Rate Ranges excluding the Medicare...