December Newsletter & Christmas Shutdown period

Our latest eNewsletter includes information on the following topics:

ATO debts may affect your credit rating: Businesses with tax debts need to be aware that the ATO will now be able to disclose the details of their tax debts to credit ratings agencies.

Crowdfunding: is it income?: Crowdfunding has fast become a go-to strategy for people in need of large amounts of money quickly, but is the money raised considered to be income and therefore taxable?

Non-commercial losses: do the rules apply to you?: If you have a business in addition to your main employment, the non-commercial loss rules could prevent you from deducting your business losses against your other income.

Less tax for some working holiday makers?: A recent Federal Court decision on the “backpacker tax” is seen by some as a win for all working holiday makers. However, it has a much narrower application than some have reported.

Tax relief for drought-stricken farmers: With drought sweeping across the country, farmers are being offered access to concessional loans, grants and special allowances to help ease the immediate financial burden.

Super guarantee opt-out for high income earners: If you’re a high-income earner with multiple employers, there’s a good chance that you may unintentionally exceed the super concessional contributions cap in any year, which may cause excess contribution issues.