Bonsella July 2021 Newsletter

July 21

Our latest eNewsletter includes information on the following topics:

Temporary COVID Disaster Payment now available – A temporary payment is now available to assist workers living or working in a Commonwealth declared hotspot who can’t attend work and earn an income because of state-imposed health restrictions.

Private health insurance rebates frozen – The income thresholds for the private health insurance incentive have not been indexed to keep pace with inflation since the 2014–2015 income year.

Cryptocurrency trading is subject to tax: new ATO data-matching program – The ATO has recently issued a reminder that capital gains tax does apply to crypto-asset gains or losses.

ATO compliance: economic stimulus measures – Businesses that have accessed government economic stimulus measures need to take extra care with increased ATO scrutiny expected this tax time.

Personal use assets and collectables in SMSFs – Would you like to hold a wine collection, artworks, or a classic car in your SMSF? It’s possible if you follow some strict rules.