The ATO considers Cryptocurrency investments as an asset for tax purposes. Transactions involving Cryptocurrency may be subject to Capital Gains Tax (CGT). If you dispose of any Cryptocurrency, you may be required to pay CGT on any capital gain. The ATO also requires you to keep accurate records of acquiring the Cryptocurrency and any other associated costs.
Read MoreAs our population continues to age, the need for quality aged care services becomes increasingly important. However, along with the rising demand for aged care comes the significant cost associated with it. Planning for the financial aspects of aged care is essential to ensure a secure future for both individuals and their families. In this article, we will explore the various factors to consider when planning for the cost of aged care and discuss strategies to alleviate the financial burden.
Read MoreHave you ever wondered how your super balance compares to people in your age bracket or which occupations are the highest paying? A little known fact is that the ATO compiles data and releases it for public information at the completion of a tax lodgement cycle, while this information is generally not released until a couple of years after the relevant tax year has been finalised, it always highlights some interesting trends. This article includes some graphs and a brief summary of the 4 areas we found most intriguing.
Read MoreAs we bring on a new financial year, it's time to start thinking about compiling your FY23 tax information for your accountant. To help you, we have compiled a list of essential steps to prepare yourself.
Read MoreThe Australian Taxation Office is encouraging small businesses which have fallen behind on their tax debts to take advantage of its new penalty amnesty scheme
Read MoreAs we reach the midway point of the year, it's an opportune time to conduct a comprehensive financial check-in and review the goals you set at the beginning of the year. This mid-year assessment allows you to gauge your progress, identify areas of improvement, and make necessary adjustments to ensure you stay on track to achieve your financial objectives
Read MoreIn today's highly competitive business landscape, organizations must constantly assess and improve their financial performance to gain a competitive edge. One effective method for evaluating financial performance is benchmarking, a process that involves comparing an organization's financial metrics against those of its competitors. By benchmarking financial performance, companies can identify areas of strength and weakness, set realistic goals, and make informed decisions to enhance their financial position. This article explores the concept of benchmarking and highlights its significance in evaluating financial performance against competitors.
Read MoreAs the end of the financial year approaches, it's time to consider taking advantage of the numerous benefits of making deductible contributions into your superannuation account. Superannuation is a powerful tool for building long-term wealth and securing a comfortable retirement. By making contributions before June 30, you can not only reduce your taxable income but also boost your retirement savings.
Read MoreHere’s a guide to 10 strategies you can use to minimise your business tax.
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