2nd Quarter 2024

Land may currently be exempt from land tax where only one of multiple owners occupies the property as a principal place of residence even in cases where they own only a tiny proportion of the property.

CHECK YOUR FAMILY CIRCUMSTANCES

Accurately reporting your family details is critical to correctly calculate the Medicare levy, Medicare levy surcharge (MLS) or private health insurance rebate amounts in your tax return. Getting this right will help avoid an audit or delays in processing your tax return from the Australian Taxation Office (ATO).

If you use money or assets from your company or trust for private purposes and do not account for the transactions correctly, there can be tax consequences. That’s why it’s important to get it right.

GIVING A GIFT OR DONATION IN CRYPTO

When you gift or donate crypto assets, you are disposing of them. Therefore, donating crypto assets is a CGT event, similar to any other disposal of an asset.

You need to know the value of your crypto assets at the time you gift them to determine whether you make a capital gain or capital loss on the CGT event.