2nd Quarter 2022

THE 1 NOVEMBER 2021 SUPERANNUATION RULE CHANGES

When your business hires a new employee, the Choice of Fund form is used to identify where they want their superannuation to be directed. If the employee does not identify a fund, generally the employer directs their superannuation into a default fund.

Superannuation is not like other assets as it is held in trust by the trustee of the superannuation fund. When you die, it does not automatically form part of your estate but instead, is paid to your eligible beneficiaries by the fund trustee according to the rules of fund, superannuation law, and the death nomination you made.

The Australian Taxation Office (ATO) treat cryptocurrency like shares and many other investments, so it is generally regarded as a capital gains tax (CGT) asset.

A CGT event occurs when disposing of cryptocurrency. Events can include selling cryptocurrency for a fiat currency, exchanging one cryptocurrency for another, gifting it, trading it or using it to pay for goods or services.

The Australian Taxation Office (ATO) has revealed that in 2019 nearly two thirds of the charitable donation claims that were adjusted by the ATO were because the taxpayer could not prove they had made the donation.