Reporting asset disposals for CGT

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.

Super Lookup ‘status’ will change if SMSF annual returns are late

The ATO considers the lodgment of an SMSF’s annual return on time to be a fundamental part of an SMSF trustee’s obligations.

Consequently, from 1 October 2019, if an SMSF is more than two weeks overdue on anyannual return lodgment due date and hasn’t requested a lodgment deferral, the ATO will change their status on Super Fund Lookup (‘SFLU’) to ‘Regulation details removed’until any overdue lodgments have been brought up to date.

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Creative Accounting in 2019

Given the rise in AI (artificial intelligence) and automated number crunching software systems, the need for creative accounting has become stronger than ever.

Whilst these platforms are more efficient in terms of time and cost, and help to remove human error, it is more important than ever foraccountants to help clients holistically witha “creative interpretation of the data” based on their own professional knowledge and experience.

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