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Tax-smart tips for crypto asset investments

You may need to include a capital gain or capital loss in your income tax return

If you exchange crypto assets (crypto) for goods, cash or other crypto assets then this is normally considered a disposal for the purposes of capital gains tax.

Make tax time easier by remembering these 3 tips: Disposal of crypto assets […]

Reduce Your 2022 Tax

Tax planning key priorities

With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2022 to reduce your tax and grow your wealth.

Many business owners have reduced their 2022 PAYG instalments to Nil during the COVID-19 period, but now you […]

Action required: Reduce your 2021 tax

The end of financial year is approaching quickly

Now is the time to discuss with us the actions you can take before 30 June 2021 to reduce your tax and access additional cash flow.

For 2021, key priorities are likely to include:

Deferring taxable income Bringing forward deductible expenses Maximising superannuation contributions without exceeding the […]

2020/21 Federal Budget Summary

Salisbury Accountants Federal Budget Summary 2020/21

1. Personal income tax changes

1.1 Changes to personal income tax rates

The Government has announced that it will bring forward changes to the personal income tax rates that were due to apply from 1 July 2022, so that these changes now apply from 1 July 2020 (i.e., from […]

COVID-19 work-from-home expense FAQs

The ATO issues specific guidance addressing common questions

Many of our clients have questions about claiming expenses when forced to work from home over the COVID-19 period.

The accounting profession has also reported other clients coming to them with concerns about any consequent capital gains issues when later selling a property from which they had […]

2020 Tax planning

Reduce your 2020 tax

With the end of financial year approaching quickly, now is the time to discuss with us the actions you can take before 30 June 2020 to reduce your tax and access additional cash flow.

For 2020, key priorities are likely to include:

Maximise Federal and State Government Stimulus Payments Deferring […]

Foreign resident CGT main residence exemption

ATO treatment of amendments related to foreign resident CGT main residence exemption

The ATO has released details of its administrative treatment of proposed amendments extending Australia’s foreign resident capital gains tax (CGT) regime to deny foreign and temporary tax residents access to the CGT main residence exemption.

Proposed measure

The government had announced that […]

Housing affordability Bill introduced

Foreign resident CGT main residence exemption

The government has introduced Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 to implement capital gains tax (CGT) measures aimed at improving housing affordability, including the removal of the CGT main residence exemption for foreign residents.

These measures were first […]

CGT exemption on inherited homes

CGT explainer for Salisburys clients

Inheriting a home or a legal interest in one could be the largest windfall gain that many Australians ever experience.

There are provisions in the tax law that mean a taxpayer does not have to pay capital gains tax (CGT) when they sell a house, flat, unit or other dwelling […]

Property development and tax

Taxation compliance issues for property developers

The considerations facing the ATO are many and varied, but can include topics such as whether an agreement to develop and sell land is a “more realisation” or a disposal either in the course of a business or as part of a profit-making undertaking or plan.

A “mere realisation” […]