Many of you will have at least heard of Bitcoin, and some may have even used the new digital currency. Bitcoin looks set to revolutionise monetary transactions, and perhaps sooner than many imagine. The virtual currency even has the attention of the Tax Office. We examine the ramifications, and the pros and cons, of Bitcoin prior to the release of official guidance from the Tax Office, which is due out soon.
It’s an unfortunate but likely reality that many of us will have some sort of dealings with a deceased estate. Having an idea of what to expect from a tax perspective can go a long way to easing this heavy burden and ensuring your loved one passes on their assets in accordance with their wishes in a fair and equitable manner.
Other highlights in this edition are a look at the “taxable payments annual report” for businesses in the building sector, which is due this month, and the winding back of the net medical expenses tax offset. Finally we include a reminder to SMSF trustees about the new penalty regime that is now in force.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)