Here's our first tax newsletter for the new financial year, which contains important information on:
- Temporary COVID disaster payments: A temporary payment is now available to assist workers living or working in a Commonwealth declared hotspot who can’t attend work and earn income because of state-imposed health restrictions.
- Private health insurance rebates frozen: The income thresholds for the private health insurance incentive have not been indexed to keep pace with inflation since the 2014–2015 income year.
- New ATO data-matching program for Cryptocurrency: The ATO has recently issued a reminder that capital gains tax does apply to crypto-asset gains or losses.
- ATO economic stimulus compliance measures: Businesses that have accessed government economic stimulus measures need to take extra care with increased ATO scrutiny expected this end of financial year.
- Personal use assets and collectables in SMSFs: Holding a wine collection, artworks, or even a classic car in your SMSF is now possible - if you follow some strict rules.
If you would like more information about any of these topics, please click on the link below!
If you would like even more information, please call us on 02 9580 3353.