It seems that the ATO will be taking a dim view (or dimmer, this year) of the abuse of work related expense claims for individual taxpayers. The total value of such claims rose to a record $21.2 billion in 2017, and reports contend that the ATO is concerned about over-claiming and even outright fraud. ATO...

Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred to as “hosts”, to rent out a room of their house or their whole house for a short-time...

Items that you buy over the internet from an overseas source are generally required to abide by the same rules and screening processes that apply to any other “import”. Also the usual duties or taxes should apply. Customs duties are regulated by the Department of Home Affairs (a recently formed body from December 2017, which...

The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review. With recently introduced superannuation rules now in effect (from 1 July 2017), superannuation members with income streams that are valued...

While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 in existence. In its simplest form, a cryptocurrency is a “peer-to-peer electronic cash system”, which means that the currency is not in a physical form like cash but sits in an electronic register. What makes bitcoin work, where previous attempts at electronic cash...

Access the Wallace Partners Client Information Newsletter April 2018 below: Wallace Partners CIN April 2018

Tax Planning 2018 The end of the financial year is in sight, but businesses shouldn’t assume their tax outcome is set in concrete just yet — there are still some legitimate tax planning strategies that can help us help you not pay a cent more tax than you have to…. Ask Yourself, How important is it...

You can judge whether a car is luxury or not, according to the government, if it costs more than $65,094 for 2017-18 (and $75.526 for “fuel-efficient” cars). It was $64,132 for 2016-17 (with an unchanged fuel-efficient option). It’s not an over-the-top price tag if you’re considering true “luxury”, but it’s enough to cop an extra...

Every investor goes in with dreams of a pot of gold, but there is a fundamental difference between investor types – one looks to line their pockets with investment returns along the way, and the other has the patience to wait until the end of the rainbow to reap the rewards. The distinction between investing...

The days of a lax approach to valuations are over.  While there is not always the need to employ a qualified independent valuer for each valuation, there are important circumstances where it is mandated, and others where it is recommended.  Where one is not used then appropriate documentation needs to be kept of how valuations...