3rd Quarter 2018

KEEPING THE RIGHT RECORDS

You must have evidence of your income and expenses so you can claim everything you are entitled to. Capital gains tax may apply when you sell your rental property. So keep records over the period you own the property and for five years from the date you sell the property.

On the ATO is a guide which deals with various tax issues associated with property. One aspect of this guide deals with a scenario that hasn’t really received a great deal of attention in the past and this is where someone buys a property with the intention of carrying out renovations while living in the property and then selling the property once the work is completed (i.e., property flipping).

Cryptocurrencies, like Bitcoin, are independent and not regulated by any central authority. Until recently, these digital currencies were not treated in the same way as cash for tax purposes in Australia. New legislation passed by Parliament seeks to change all of that by removing GST from currency exchanges.

ATO WARNS SMSF TRUSTEES TO BE WARY OF RISKY RETIREMENT PLANNING ARRANGEMENTS

The Australian Taxation Office (ATO) is warning self-managed superannuation fund (SMSF) trustees and retirees about the risks of some emerging retirement planning arrangements.