The tax treatment of cryptocurrency
Cryptocurrency is a financial asset making a resurgence, and many investors are jumping back on this opportunity.
Before you start investing into this decentralised currency, we will provide you with relevant details you need to know, including acquisition methods and taxation implications regarding profits/losses made from disposal of these assets.
New guidance on “personal services income” rules
There are changes made by the ATO surrounding the Personal Services Income (PSI) and Personal Service Business (PBS) provisions. We will go over the provisions and changes, including:
- Why use the PSI rule;
- The tests involved when using PSI, such as the 50% test and Results Test;
- PSB rules and test including the unrelated clients, employment, and business premises tests;
- Impact of the PSI rules and;
- Anti-Avoidance legislation.
Briefing a Barrister
When you’re unsure of a tax or super rule, consulting a barrister can assist you in answering such uncertainties. We will go over the basic process of briefing a barrister.
The ATO’s eligibility requirements for SMSF trustees or directors
Self-managed Super Fund (SMSF) have requirements that must be met before an individual can become a trustee or director of these entities. Requirements, that will be further explored in the newsletter, include:
- History of dishonest offence
- Issued a civil penalty order
- Bankruptcy or insolvency status
- Previous disqualifications by the ATO or APRA
Once an individual has become a trustee or director of an SMSF, there are a set of responsibilities that must be followed to ensure that the fund is run in the best interests of all members.
If you are interested in reading more into each of these topics, consider subscribing to our monthly newsletter via the form below.
