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.

This issue reflects the law when it was published. Tax and super rules change often, so please call us before acting on anything in it.