Welcome to present day 2019 and people all over the world are renting part, or all of their homes. However, many have not accounted for the tax sting associated with the income boost. If you own an investment property, you pay capital gains tax (CGT).
From 1 January 2020, eligible individuals with multiple employerscan apply to opt out of receiving super guarantee (‘SG’) from some of their employers, to help them avoid unintentionally going over the concessional contributions cap.
The ATO has provided a novel, though important, reason for businesses to update their ABN details: to help businesses to manage the coming disaster season.
ABN details are used by emergency services and government agencies to help identify and contact businesses during times of emergency and potential disaster.
As the ATO’s data-matching capabilities increase, they are paying close attention to capital gains made on shares, property and cryptocurrency.
Editor: Therefore, it’s important to let us know about any asset disposals (which can include an asset’s sale, loss or destruction) and to keep records relating to CGT events, including asset disposals, for at least five years after the year in which the event occurred (and maybe longer if you make a capital loss). Good records will also help to work out a capital gain or loss correctly.
The Government has recently passed legislation requiring insurance in superannuation for new members under 25, and members with low balance accounts, to only be offered on an opt-in basisfrom 1 April 2020.