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.
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If you would like to discuss any of these topics, please call us on 02 9580 3353