February 1, 2016
Crowdfunding uses the internet and/or social media to find supporters and raise funds for different types of projects and ventures. It is rapidly evolving and gaining momentum with platforms such as Kickstarter and IndieGoGo providing access to a worldwide audience.
In many cases it is used by individuals and groups to raise money in the form of donations for various causes. It is also often used to prove a business idea. If funding is successful the business moves from prototype to production, already has cashflow, gains publicity and has a core group of customers for the business to build on.
The question of course is what are the income tax consequences of money raised by crowdfunding? The answer, as with all things involving tax, isn’t necessarily straightforward. Read more →
July 6, 2015
With ongoing low interest rates it seems the hot property market won’t end any time soon. Hand in hand with that is also a boom in investment property ownership. The tax office has always shown a keen interest in investment properties but it has signalled it is specifically targeting this area in 2015 returns.
The emphasis is on making sure people aren’t over claiming deductions. In particular the ATO has said it is paying close attention to the following: