Avoid these common CGT errors

Posted by Team AVS on 11 Jul, 2025 0 Comments

Use these tips to get capital gains tax (CGT) right the first time.

We're seeing mistakes when clients have sold capital gains tax assets such as property.

Foreign resident capital gains withholding

Having a Foreign resident capital gains withholding (FRCGW) clearance certificate doesn't mean they don’t have any further CGT obligations. If they've sold property, they still need to include capital gains, losses or an exemption or rollov

Have you paid your super guarantee entitlements?

Posted by Team AVS on 2 Jul, 2025 0 Comments

You need to pay your eligible workers’ super guarantee (SG) in full, on time and to the right fund by 28 July.

If you hire staff, you need to pay your eligible workers’ super guarantee (SG) in full, on time and to the right fund by 28 July.

You need to allow extra time for the payments to reach your employees’ super funds if you’re using a commercial clearing house. Payments are only considered ‘paid’ when the super fund rece

A second of caution can safeguard your future

Posted by Team AVS on 26 Jun, 2025 0 Comments

Use these simple steps to protect yourself against scammers this tax time.

Scammers take advantage of tax time by impersonating the ATO through fake emails and messages, hoping you'll respond quickly without verifying if they are genuine. ATO email impersonation scams alone are up 300% from this time last year.

Scammers know you’re busy, often distracted, and want you to respond quickly without verifying who is contacting you. They are tr

How to work out and report CGT on crypto

Posted by Team AVS on 20 Jun, 2025 0 Comments

How to work out and report capital gains tax (CGT) on transactions involving crypto assets.

When capital gains tax applies

The most common use of crypto is as an investment, in which case the crypto asset is a capital gains tax (CGT) asset.

If you acquire a crypto asset as an investment, transactions such as disposal or exchange or swap are a CGT event and you may make a:

capital gain
capital loss, which can reduce capital gains yo

BAS and GST tips

Posted by Team AVS on 13 Jun, 2025 0 Comments

BAS and GST record keeping tips

Keeping good records helps you stay on top of your business. Remember to:

keep records of all sales, fees, expenses, wages and other business costs
keep appropriate records, such as stock take records and logbooks to substantiate motor vehicle claims
reconcile sales with bank statements
use the correct GST accounting method
keep all your tax invoices and other GST records for 5 years.

GST credits

Upcoming personal transfer balance cap changes

Posted by Team AVS on 5 Jun, 2025 0 Comments

New proportionally indexed personal transfer balance caps are expected to display in ATO online from 11 July 2025.

The general transfer balance cap (TBC) will be indexed on 1 July 2025, increasing from $1.9 million to $2 million. This increase will impact members with a personal TBC. Members who have commenced a pension prior to 1 July 2025 and haven't previously reached or exceeded their personal cap will be eligible for a proportional in

ATO warns against websites sharing fake news on superannuation preservation age

Posted by Team AVS on 22 May, 2025 0 Comments

The ATO is warning against fake news about changes to the superannuation preservation rules and withdrawal rules.

The Australian Taxation Office (ATO) is warning the community about a proliferation of dodgy websites sharing fake news about changes to the superannuation preservation rules and withdrawal rules starting on 1 June.

ATO Deputy Commissioner Emma Rosenzweig confirmed the maximum preservation age (the age when you can access your

ATO unveils ‘wild’ tax deduction attempts and priorities for 2025

Posted by Team AVS on 15 May, 2025 0 Comments

The ATO reveals 'unbelievable' tax deduction attempts, and what their tax time priorities are for 2025.

The Australian Taxation Office (ATO) has today revealed some of the ‘wild’ work related expense tax claims people have tried to put past the ATO, and spoiler alert: an air fryer generally won’t make the cut.

Some of the most outrageous deduction attempts the ATO saw last year included:

A mechanic tried to claim an air fryer, mic

CGT concessions eligibility overview

Posted by Team AVS on 6 May, 2025 0 Comments

The small business CGT concessions allow you to reduce, disregard or defer some or all of a capital gain from an active asset used in a small business.

The 4 small business CGT concessions include the:

small business 15-year exemption
small business 50% active asset reduction
small business retirement exemption
small business roll-over.

The concessions are available when you dispose of an active asset and meet basic eligibility co

Using capital losses to reduce capital gains

Posted by Team AVS on 2 Apr, 2025 0 Comments

When to use capital losses

You use your current year capital losses to offset your current year capital gains. You can choose which capital gains to subtract your capital losses from. If you have any capital gains that are not eligible for the CGT discount, subtract your capital losses from these gains first. This will result in the lowest payable CGT.

If you have capital losses from prior years, also known as net capital losses carried for

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G.D Singh & Dr Jaskirat Singh SMSF Trustees

“I was looking to move away from accounting on spreadsheets so that I could have better control over my business. AVS Business Services looked in detail at my accounting needs and helped me choose the solution that is best for me. I am very pleased with the inputs I receive from them on a regular basis and would recommend their services to anyone without hesitation”

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