Posts by Troy Wink

Tax and your online side hustle With money becoming tighter as inflation rises, many people are looking to make some extra income from a ‘side hustle’. As we move towards a cashless society and transact more online, it’s becoming easier for the ATO to follow the money trail. Whether you rent your caravan on Camplify,…

How to handle a tax debt After taking a softly, softly approach with taxpayers during the pandemic, the ATO has made it clear it will start chasing taxpayers for their outstanding tax related debts. Starting with its aged debt book, the ATO is sending letters to taxpayers asking them to engage or face firmer action. An aged…

New rules coming into force on July 1 will create opportunities for older Australians to boost their retirement savings and younger Australians to build a home deposit, all within the tax-efficient superannuation system. Using the existing First Home Super Saver Scheme, people can now release up to $50,000 from their super account for a first…

With the end of the financial year (EOFY) just around the corner, it’s important to ensure your SMSF meets its compliance obligations. The rules around SMSFs are strict and if you don’t do things the right way, your fund could end up paying extra tax. Here’s some key tasks trustees need to complete prior to…

Salary sacrifice to cut tax and boost your super This time of year, people’s thoughts start turning to their tax return, but it can also be a good time to set things up so you don’t pay more tax than required next financial year. Simply talking to your employer about setting up an arrangement to…

It’s Time to Consider Tax Planning! With the end of the financial year quickly approaching, it is now time to consider what opportunities there may be to minimise your income tax obligations. If you procrastinate or ignore this window of opportunity you may jeopardise or lose your ability to implement effective decisions and actions. Year-end…

The au Domain Administration (auDA) will make .au direct domains available to the public from 24 March 2022. With the release of new .au domain, businesses and individuals will have a shorter and more memorable domain name. In short, if you currently own mydomain.com.au, you can apply to claim and register the equivalent mydomain.au. Who…

If your personal information falls into the wrong hands, it can be used to steal your identity. If you think your identity has been stolen, report it to your local police and your bank, and change your passwords.   Signs of identity theft If your identity has been stolen, you may not realise for some…

With the property market hitting all-time highs in 2021, interest in investing in direct property through your SMSF has never been higher. In the September 2021 quarter, Australia’s SMSFs had almost $88 billion invested in non-residential real property, with another $47 billion in residential real property. But before you add property investments to your SMSF, there…