Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of. It’s been more than 10-years since the advent of bitcoin and the term “cryptocurrency” entered the public consciousness. However, neither bitcoin nor the many thousands of cryptocurrencies that have followed have become widely used for …
Calculating your Loan to Value Ratio (LVR) Over the last few years, regulations in the banking industry have been constantly changing. After the tightening of rules following the Royal Commission, we are now grateful to see the winding back of Responsible Lending laws. Meantime – Best Interest Duty legislation comes into effect Jan 1, 2021. …
The ATO recently clarified the evidence that is required to support real property valuations within SMSFs, particularly in light of the unique challenges brought about by COVID-19. Under SMSF regulations, assets must be valued at market value in an SMSF’s accounts and financial statements each year. SMSF auditors need to be in possession of sufficient …
The year end is fast approaching, and it’s time to take stock of what can be done to get some tax deductions in this year’s tax return. Travel Don’t forget that the government has recently removed the ability to claim a tax deduction for travel when inspecting rental properties. With too many people claiming tax …
Loans for small to medium enterprises (SMEs) are available until 31 December 2021 under the Federal Government’s SME Recovery Loan Scheme. The scheme is designed to support the economic recovery, and to provide continued assistance, to firms that received JobKeeper and also to businesses that are flood-affected. Treasury says the scheme aims to enhance lenders’ …
What is the reason that people go into business? Many business owners say they went into business because they wanted to make the world a better place, realistically it is probably more likely that they have gone into business to make their own world a better place. More money, more free time, perhaps even more …
The Federal Budget 2021-22 was handed down last night. A stronger than expected economic recovery from the COVID-19 recession has resulted in a budget deficit of $161 billion, $52.7 billion lower than the government’s expected deficit. With the virus still a threat to the global and domestic economy, the Budget contains various measures to support businesses and individuals …
The financial year is almost over, but there are still effective strategies you may be able to put in place. The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still the case, if not …
Securing a business loan in Australia isn’t necessarily difficult but knowing how to navigate your way can be the difference between success and failure. Banks and other financial institutions offer a wide range of business finance options, from commercial property loans, commercial vehicle leases, and commercial and equipment leases, to simpler options such as letters …
The Fair Work Act 2009 (FW Act) was amended to change workplace rights and obligations for casual employees and the changes came into effect on Saturday 27 March 2021. What’s changed? The Amendment Act introduces a: Casual Employment Information Statement definition of casual employment pathway for casual employees to move to full-time or part-time (permanent) …
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