Crowdfunding is a relatively modern phenomenon, and is increasingly being viewed as a viable source of seed capital. But when serious revenue is being raised, tax is something that must be considered. We deal with some of the grey areas.
If you have already lodged your income tax return but then realise you left something out, don’t panic. We can help you lodge an amendment with the ATO to make things right.
In this issue we also look at the place private rulings can have in managing more complex tax affairs. Getting a decision from the ATO to ‘test drive’ a tax arrangement is sometimes a good idea.
We also examine the ins and outs of personal services income (PSI). Professional people who set up a company or trust to run their business should check whether the PSI rules restrict their tax options.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.