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According to chief market strategist at CMC Markets and host of The Artful Trader podcast Michael McCarthy, there are certain investor personality traits that seem to predict success in the share market.

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In this episode of the nestegg Podcast, Michael joins host Grace Ormsby to outline exactly what these characteristics are, the difference between high-risk and low-risk appetites, and how investors can apply different strategies depending on their own personality type.

Michael also explains how fear can be both helpful and a hindrance for confident decision-making, why failure is a crucial process for investors seeking growth, and where budding investors can begin educating themselves about the markets.

Thanks Matthew, for sharing your insights with the nestegg podcast team!

You can keep up to date with what CMC Markets are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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New ‘lifestyle assets’ on taxman’s hit list

By Cameron Micallef · December 19 2019

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Earn

New ‘lifestyle assets’ on taxman’s hit list

By Cameron Micallef
December 19 2019

Reading:

New ‘lifestyle assets’ on taxman’s hit list

By Cameron Micallef · December 19 2019

Reading:

The ATO has announced its plans to crack down on “lifestyle assets” as the government agency tries to receive a larger share of tax revenue.

In its announcement, the Australian Taxation Office is requesting an extra five years worth of policies from 30 insurance companies around expensive assets that might not match income statements.

The taxman is specifically targeting marine vessels, thoroughbred horses, fine art, high-value motor vehicles and aircraft.

ATO deputy commissioner Deborah Jenkins believes knowing who owns lifestyle assets such as private jets and yachts will help the government service get a complete picture around the financial situation of taxpayers compared with what is reported.

“If a taxpayer is reporting a taxable income of $70,000 to us but we know they own a $3 million yacht, then this is likely to raise some red flags,” Ms Jenkins said.

“Regardless of your level of wealth, we all need to pay the correct amount of tax, and this data will allow us to ensure those people who can afford these kinds of items are doing the right thing, along with everyone else,” Ms Jenkins continued.

Aside from helping identify taxpayers who may be understating their income, the data from insurers may be used by the ATO to identify taxpayers who have made capital gains on the disposal of certain assets but who have not declared this to the ATO.

“With high-value assets like fine art, there can be some significant capital gains made when these assets are sold, and capital gains tax may need to be paid on the sale or disposal of these items,” Ms Jenkins said.

Insurers will be required to provide the ATO with detailed policy information where the value of assets is equal to or exceeds the following thresholds:

Marine vessels: $100,000
Motor vehicles: $65,000
Thoroughbred horses: $65,000
Fine art: $100,000 per item
Aircraft: $150,000

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.