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…

Ahead of the holiday season, the ATO has reminded employers about the potential FBT implications of providing Christmas parties and gifts. When planning Christmas parties, the ATO says employers need to check how much it will cost and where and when it is held. This is because a party held on business premises on a…

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 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,…

A recent interview with Tax Commissioner Chris Jordan revealed details of what the ATO will be paying particular attention to this year. Perhaps not surprising, but the ATO will be targeting businesses that deal in cash. As a part of its cash and hidden economy operation, the ATO has compiled “data-maps” of cash-only businesses and…

In the market to sell your house? Before you call in the real estate agents and home stylists, you probably know that you’ll need to have a contract of sale handy. Did you know that you may also need to get a capital gains withholding clearance certificate from the ATO? This certificate allows ATO to…

Do you rent out a part of your home, or a holiday home, on Airbnb, Stayz or another sharing site? Perhaps you see this as a way of making a little extra income to help the household budget or to save for that holiday. But what you may not be aware of are the long-term…

Have you looked at your trust deed recently? If you have a trust, chances are it was set up by your accountant or solicitor. Look closely at your deed and you’ll notice that it will specify a date on which the interests in the trust vest and contain a clause which specifies the consequences of…

Australian consumer law protects people who purchase goods from Australian companies, but what recourse do you have for a refund when you’ve bought something from an overseas business that has little or no physical presence in Australia? A recent Full Federal Court case, between the Australian Competition and Consumer Commission (ACCC) and Valve Corporation, has…

In 2017, the Government flagged plenty of changes to the tax and superannuation system, but how many of them have actually been made into law? Parliament ended its final sitting week in December 2017 with many outstanding matters for the Government to deal with in 2018. Here is a brief summary of these proposals and…

© 2015 MARK BABBAGE | MADE FOR FUN!

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