News Archive

There are few Australians who have not seen the devastation of the recent bushfires and how it has impacted local and regional economies. After what can only be described as a horror season, many of those impacted are now trying to get back on their feet. This month, we look at what support and assistance may be available to taxpayers affected by the fires.

We also explore changes to CGT and the family home for expats, the ATO's focus on lifestyle assets, protecting SMSFs from fraud, and flagged changes to small business concessions.

As always, if you have any queries, contact our team on 9957 4033.

	Bushfire support and assistance If you or your business has been impacted by the bushfires across Australia, there is help and relief available and your accountant is able to help you access it.
	CGT and the family home: expats and foreigners excluded from tax exemption 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.
	ATO targets 'lifestyle' assets The ATO has requested insurance policy information from 30 insurers for lifestyle assets such as yachts, thoroughbred horses, and fine arts.
	Alerts to protect SMSFs from fraud SMSF trustees are set to receive alerts from the ATO when changes are made to information relevant to the SMSF.
	Significant changes to small business concessions flagged The Government has released the Board of Taxation's report into the concessions that are available to small business. The report contains a number of recommendations aimed at improving the tax landscape for small business taxpayers.

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Disclaimer

This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.