Interest deductibility after income-producing activity ceases

  An issue that sometimes arises for business owners is whether interest expenses incurred on borrowed funds used in a business remain deductible after the business’s income earning activities have ceased. As a general rule, in order for interest expenses to be deductible in the relevant income year, a taxpayer is generally required to demonstrate

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SMSF commutation requests: How to get the green light from the ATO

  The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review. The practical compliance guideline concerned is PCG 2017/5. With recently introduced superannuation rules now in effect (from 1 July

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Bitcoin: Its place in your wallet or SMSF portfolio

  The dramatic rise in value (and then fall) of bitcoin and other cryptocurrencies has sparked interest among SMSF trustees on its potential as an investment, particularly in a marketplace of low-interest rates, erratic sharemarkets and an easing in property. While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 in existence. In

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Get ready to party for International Accounting Day

  It may not be widely recognised, but readers are probably aware that accountants know how to have fun. In fact, there’s even an “International Accounting Day” every year — and naturally it’s being held this year on the best day of the week, this coming Saturday. There is some variation on the dates on

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