Monthly Update [March 2020]

ATO dusts off the “lifestyle asset” microscope

If you own certain high-end assets, it may be prudent to make sure your tax affairs are in order. The ATO has asked dozens of insurance companies for policy details over certain asset values to check up on these taxpayers’ tax obligations.

We also look at the realities of accessing some of your retirement savings early, and examine the sorts of expenses you can claim when an investment property is damaged or destroyed. There is also a new obligation regarding CGT when selling taxable property, and we also have a warning about staying safe online.

Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.

Download newsletter:

2020 – 3 – MBS Monthly Update – Lifestyle Assets

 


Download the Economic Stimulus Package Information:

2020 – 3 – MBS Monthly Update – Economic Stimulus Package


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

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