Client Alert – July 2021

We are pleased to supply you with the latest edition of Client Alert, which contains information on a number of important developments up to and including 18 June 2021.

  • Temporary COVID Disaster Payment now available – A temporary payment is now available to assist workers living or working in a Commonwealth declared hotspot who can’t attend work and earn an income because of state-imposed health restrictions.
  • Private health insurance rebates frozen – The income thresholds for the private health insurance incentive have not been indexed to keep pace with inflation since the 2014–2015 income year.
  • Cryptocurrency trading is subject to tax: new ATO data-matching program – The ATO has recently issued a reminder that capital gains tax does apply to crypto-asset gains or losses.
  • ATO compliance: economic stimulus measures – Businesses that have accessed government economic stimulus measures need to take extra care with increased ATO scrutiny expected this tax time.
  • Personal use assets and collectables in SMSFs – Would you like to hold a wine collection, artworks, or a classic car in your SMSF? It’s possible if you follow some strict rules.

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.

Client Alert – July 2021

Explanatory Memorandum – July 2021

Please contact us if you wish to discuss how the points raised in Client Alert specifically affect you.