Here is our last Tax Newsletter of the year! This month we discuss:
- ATO debts may affect your credit rating - Businesses with tax debts need to be aware that the ATO will now be able to disclose the details of their tax debts to credit ratings agencies.
- Crowdfunding: is it income? - Crowdfunding has fast become a go-to strategy for people in need of large amounts of money quickly, but is the money raised considered to be income and therefore taxable?
- Non-commercial losses: do the rules apply to you? - If you have a business in addition to your main employment, the non-commercial loss rules could prevent you from deducting your business losses against your other income.
- Less tax for some working holiday makers? - A recent Federal Court decision on the “backpacker tax” is seen by some as a win for all working holiday makers. However, it has a much narrower application than some have reported.
- Tax relief for drought-stricken farmers - With drought sweeping across the country, farmers are being offered access to concessional loans, grants and special allowances to help ease the immediate financial burden.
- Super guarantee opt-out for high income earners - If you’re a high-income earner with multiple employers, there’s a good chance that you may unintentionally exceed the super concessional contributions cap in any year, which may cause excess contribution issues.
For more information on any of these topics, please click on the link below
December 2019 Tax Newsletter
If you would like to discuss any of these topics, please call us on 02 9580 3353