Do you need help resolving a problem with a bank, credit provider or superannuation fund? In a timely move following the royal commission into the banking, superannuation and financial services industries, the government has recently established the Australian Financial Complaints Authority (AFCA). AFCA provides a free and easy-to-access service for consumers and small businesses to…

Many homeowners are not aware that the “main residence” rules exempting the family home from capital gains tax (CGT) are in fact quite complex and contain many traps. Here we highlight three common scenarios in which a homeowner may face some CGT liability when it is time to sell. 1.Using your home to generate income: If…

There has been plenty of press coverage on bitcoin, but what are the tax consequences if you decide to join the craze? Here we examine the tax effects if you choose to invest in bitcoin on a personal level. Bitcoin is a digital cryptocurrency, created in 2009. Bitcoin currency transactions are entered on a peer-networked…

The Royal Commission into misconduct in the banking, superannuation and financial services industry has revealed some major deficiencies in terms of financial advice provided to consumers. Even though the Commission itself cannot fix or award compensation or make orders to require parties to a dispute to take or not take any action, the media exposure…

As a part of the crackdown on black economy, the Government is planning to introduce an economy-wide cash payment limit of $10,000. Any payments made to businesses for goods and services from 1 July 2019 would be captured, and if the transaction exceeds $10,000, payment will need to be made using an electronic system or…

If you have previously claimed work-related clothing expenses and laundry expenses in your tax return, you should beware this tax time because the ATO is cracking down on these claims. According to the ATO, clothing claims went up nearly 20% over the last 5 years and last year around 6 million people claimed expenses totaling…

It’s been a little over a year since the dual changes of the pension transfer balance cap and the reduction of tax concessions for transition to retirement pensions were implemented by the government. Recent research has indicated that these changes has achieved their policy outcome by making almost 25% of previously tax-free SMSF assets lose…

You may have heard all about the small business tax concessions, but do you know how you qualify for them and whether you’re making the most of the tax concessions available to you? Generally, your business would qualify as a “small business entity” if you have, or is likely to have an aggregated turnover in…

It might seem like a horror movie cliché, a monster that follows you wherever you go, but did you know that your higher education debts under the Higher Education Loan program (HELP), Trade Support Loan (TSL) or the Higher Education Contribution Scheme (HECS) debts follow you wherever you go in the world? Prior to 2017,…

Before you head off overseas to work or start a business, you should consider the Australian residency tests. Leaving Australia for a period of time doesn’t mean that your Australian tax obligations are no longer relevant. Australian tax is based on the concept of “residency”. If you’re considered to be a resident of Australia then…

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