The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts. The review, expected to impact 350,000 taxpayers, reaches from the 2015-16 to 2019-20 financial years, revealing assets that previously may not have been disclosed or underreporting of income. “If a taxpayer is reporting a taxable income […]
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A new system alerting SMSF trustees of changes made to their SMSF will roll out this month. The ATO will alert trustees by text and/or email when changes are made to bank details, electronic service address of the fund, the authorised contact and members. Trustees need to notify the ATO within 28 days of key […]
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Ten million hectares, lives lost, wildlife on the brink, billions in lost revenue and clean-up costs. For many, returning life to normal is a long way off this summer. We summarise the help available to those impacted by the bushfires. What we can do for you If you are impacted by bushfires, we can help. Many […]
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Late last year, legislative changes were made that exclude non-residents from accessing the main residence exemption. The retrospective changes directly impact foreigners and expats whose main residence is in Australia or overseas. We explore the impact. Key points Non-residents for tax purposes excluded from the main residence exemption from 9 May 2017 Transitional rules allow […]
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Being called childish isn’t usually a compliment, however there are many things we can learn from children. Here are some important life lessons that they can teach us (or remind us of). No dream is too big Think back to the earliest memory you have of being asked what you’d like to be when you […]
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