How should the new information -based blockchain economy be reported on tax returns? What is Cryptocurrency? A cryptocurrency is often used to describe a digital asset in which cryptography is used to regulate the generation of additional units and verify transactions on the blockchain. It usually operates independently of central banks, central agencies or governments, […]
How Crypto is Taxed? Read More »
Imagine I am the only member of SMSF 1 and I roll assets over to SMSF 2, where I am also the only member: does this trigger a CGT event? Some answer this with a no. The no is derived on the purported basis that since I am the only member of each fund, I
Does rolling an asset over to another SMSF trigger a CGT event? Read More »
A trustee is the legal entity that holds the assets of a trust. Trustees have significant power as they have the authority to distribute trust income, sometimes at their own discretion. Throughout the life of the trust, there may be circumstances which require you to change the trustee controlling the trust. This article sets out
What Are the Tax Consequences of Changing Trustees? Read More »
The terms “mortgage offset account,” “offset house loan,” and “interest offset account” are all used to refer to the same service offered by financial institutions. To put it simply, it is typically a savings account that reduces a loan account. Typically, an offset facility will include two distinct bank accounts: Simply put, the interest charged
Mortgage Offset Account Read More »
Do you have employees? Yes, in such case you could have to make superannuation payments on their behalf! In general, you must pay super guarantee (SG) on top of an employee’s earnings if you pay them $450 or more (before tax) in a calendar month. In order to qualify, your employee must work more than
Should You Pay Superannuation Read More »
Deductible Expenses Fees for bookkeeping services, accountants, and accounting software Renting out the property is advertised Agent commissions and fees for property management Bank fees for accounts used for paying bills and collecting rent Fees for body corporate (excl special purpose levy contributions for improvements, initial repairs) Borrowing costs, such as broker commissions, valuation fees,
Rental Property Tax Deductions Checklist Read More »
After the Reserve Bank raised the cash rate for the first time in a decade, everyone who has an interest in property is now wondering what happens next? Will the housing market crash? Will inflation create a recession? Should I buy a property now? Above all, the key concern for homeowners, property investors and people
Should You Buy Property Now or Later? Read More »
The decision of an accountant is comparable to that of a new business partner. If you choose the appropriate accountant, they’ll become a dependable coworker and advisor who can offer counsel and direction as your business or personal finances develop. The next step is to decide which accountant to hire if you’ve determined that it’s
How to pick a trustworthy accountant Read More »
Although it is impossible to completely estimate when interest rates will increase, there are indications that a rise could occur as soon as August 2022. Every homeowner, real estate investor, and first-time home buyer wants to know when official interest rates will increase and how to get ready for it. Covid-19 and its effects on
How to get ready for a rate increase Read More »
To have a comfortable financial future, one needs to have a good financial plan. Comprehensive financial planning allows you to better manage your finances and avoid a shortage of funds in case of an emergency. However, creating a financial plan is not an easy task. Therefore, we recommend that you seek the assistance of a
8 Reasons Why You May Need a Financial Advisor Read More »