Blog

The ATO has issued another warning to the community to be aware of fraudulent scammers as they target people lodging their income tax returns by the 31 October deadline. Chief Technology Officer Todd Heather said that “People should also be…

Editor: Bitcoin is a software-based online payment system, which the US Treasury has called a “decentralized virtual currency”. The media often refers to Bitcoin as a cryptocurrency or digital currency. The ATO has issued a guidance paper, basically stating that…

Mining tax repeal & other notable tax changes With the abolition of the mining tax from 1 October 2014, a number of other tax measures have come into force: ​Abolition of the company loss carry-back concessions from 1 July 2013.…

Ignorance of the law is no excuse In a recent case, a taxpayer decided to transfer shares he owned and had inherited, into a joint account he held with his wife without first asking his accountant/tax agent. His accountant subsequently…

CPI – June 2014 quarter The CPI indexation factor for the June 2014 quarter is 105.9 (an increase of 0.5 from the December 2013 quarter of 105.4). This indexation factor is now basically only used (in a taxation context) for…

SMSFs and trauma insurance From 1 July 2014, an SMSF can generally only provide an insured benefit for a member that is consistent with one of the following conditions of release of a member’s superannuation benefits:   –  death; –…