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AugEveryone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you have made on the sale of capital assets […]
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JulATO prioritising debt collection As the economy emerges from COVID-19, the ATO is re-focusing on debt collection. During the pandemic, the ATO deliberately shifted its focus away from firmer debt collection action to help and assist businesses and the community experiencing financial challenges because of the pandemic. It took a softly-softly approach, acknowledging the financial hardship that[…]
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MayCome and join SRF as an Executive Assistant working to provide the key resources and tools that help SRF deliver the exceptional quality service to our clients. About the Position SRF is an accountancy practice providing tax, accounting and business advisory services to many clients amongst a wide range of industries. We are committed to assist[…]
What the new Your Future, Your Super means for you Recent legislative reforms to the superannuation arena are set to change the retirement savings landscape for many Australians. The Federal Government says the Your Future, Your Super reforms will help ensure superannuation works in the best financial interests of all Australians by removing unnecessary waste, increasing[…]
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AugAvoid common mistakes in your business return, and include appropriate income We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes. To do this make sure you have: ■ declared all income, including[…]
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AugThe tax treatment of cryptocurrency Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of. It’s been more than 10-years since the advent of bitcoin and the term “cryptocurrency” entered the public consciousness. However, neither bitcoin nor the many thousands of cryptocurrencies that have followed have[…]
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AugEOFY tips for your tax plan The financial year is almost over, but there are still effective strategies you may be able to put in place. The aim is to make sure you pay no more tax than you have to for the 2020-21 year and maximise any refunds you may be entitled to. This is still[…]
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AugSome money is not counted as ‘income’ by the ATO It is possible to receive amounts that are not expected by the ATO to be included as income in your tax return. However some of these amounts may be used in other calculations, and may therefore need to be included elsewhere in your tax return. The ATO[…]
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MarUpdate your ABN … or miss out! Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support. This became painfully evident during the 2019-20 bushfires, and is now re-surfacing during COVID-19 when it was found that a[…]