With tax season almost upon us the Australian Taxation Office (ATO) has revealed its four areas of focus this tax season. Record-keeping Work-related expenses Rental property income and deductions, and Capital gains from crypto assets, property, and shares. Plus a refocus on business tax debt collection following the pandemic. We work through all of this in our Tax Time Targets download which also includes a overview of what we can…  Read more

As we approach the end of the financial year, there are a number of smart strategies you could consider to help you streamline your finances and legitimately reduce your tax liability. Our team has prepared a detailed guide to assist you in ensuring you can tick off all the strategies relevant to you. You will find information for: Individuals insurance premiums work-related expenses investments – prepay loan interest, deduction for…  Read more

Tax Audit Insurance protects a business from unexpected costs incurred in the event that it is selected by the Australian Tax Office (ATO) for compliance auditing. An audit insurance policy covers the costs of accountants, other professional fees and associated costs incurred in the course of an audit. Increasingly, the ATO are focusing on small to medium businesses and individuals, particularly those with more complex affairs such as trusts, self…  Read more

With all the time many of us have spent working from home in the past 12 months, it’s likely you may have expenses you can claim. However, with this being a focus for the ATO it’s important to ensure you are clear on what you can and can’t claim. In addition, there are different methods for calculating deductions. Along with the usual methods, the ATO has introduced the ‘shortcut method’…  Read more

With cryptocurrencies gaining notoriety, many people are unclear on how or when they can be taxed. Despite widespread belief to the contrary, you can be taxed on gains made as a result of obtaining or using cryptocurrency. If you’ve made a profit from trading cryptocurrency, for example, you need to declare it at tax time. Here is some important information on cryptocurrencies and their implications for your taxes. How cryptocurrency…  Read more

If you are one of the hundreds of thousands of Australians trading in digital currency it is critical that you are aware of the tax implications. The ATO have made it very clear that cryptocurrency will be under the microscope this tax season so it is important to understand your obligations. What is cryptocurrency? Cryptocurrency is defined as a digital currency in which transactions are verified and records maintained by…  Read more