Director Identification Number (Director ID)

Director ID A director identification number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities.      Directors need to apply for their own director ID. It’s free to apply.        Directors will only ever have one director ID. […]

Operating Business from a property owned by your SMSF

Operating Business from a property owned by your SMSF?   This is a very popular wealth creation strategy used by some business owners to invest for their retirement by renting their business premises owned by their Self-managed super fund (SMSF).              What is SMSF?   An SMSF is a privately […]

Side Hustle or Side Business

  Side hustles are front of mind this tax season   The Australian Taxation Office (ATO) is reminding Australians that it is paying close attention to undeclared income from secondary work, including from the sharing or ‘gig’ economy this tax time.   Generally, when you provide your labour, skills, or goods for a fee, you […]

Gifts and Donations

Gifts and donations You can only claim a tax deduction for gifts or donations to organizations that have the status of deductible gift recipients (DGRs).   The person that makes the gift (the donor) is the person that can claim a deduction.   What is a DGR?   A deductible gift recipient (DGR) is an […]

Popular Cryptocurrency Related Tax Time Questions

Popular Cryptocurrency Related Tax Time Questions   Are cryptocurrencies taxed in Australia?   Yes, the Australian Tax Agency (ATO) has issued official guidance confirming that cryptocurrency is taxed as a capital gains asset which means you have to pay tax every time you trade, sell or use crypto to pay for goods/items.   Do I […]