Number 10: Taxpayer loses out in ‘awkward’ ATO case
After the High Court of Australia refused a taxpayer’s appeal against a ruling that found he was liable for the entire amount of general interest charge (GIC) on income tax, despite him receiving a letter from the deputy commissioner stating he was not, Nest Egg readers were eager to find out what the verdict could mean for taxpayers who have made tax decisions based off ATO communications made in error.
In July of this year, research house CoreLogic identified the 10 suburbs Australia wide that have grown the most in the past decade.
Coming in as the ninth most read story of the year, Nest Egg readers were clearly keen to find out if the areas they’d invested in had made the cut, and where the next opportunity could lie for them.
This article confirmed there are misconceptions in society about how and why Australians find themselves bankrupt.
There's often a perception that over-spending and poor savings habits trigger bankruptcy, and while that can be the case, Andrew Aravanis, of Aravanis registered bankruptcy trustees, finds there's often many more unexpected factors at play. Based on market conditions and trends in his own client base, he predicted which professions would be most at risk of bankruptcy in 2018.
Back in September, murmurs of a possible downturn in the housing markets had already begun circulating, but forecasters were unsure of how big of a drop we’d see.
One property consultancy boss claimed the fall in prices could be as large as 40-45 per cent, however research house CoreLogic was quick to refute this prediction, with much-welcomed data and reasoning for Nest Egg readers.
The Royal Commission into Misconduct in Banking, Superannuation and Financial Services has created the biggest shake-up of Australia's banks and financial services institutions in modern history. From banks charging dead customers to grossly inappropriate financial advice being given to vulnerable investors, the Royal Commission exposed the systemic flaw of prioritising shareholders over customers, and sales targets over ethics.
The popularity of minute-by-minute coverage speaks to the impact of the Royal Commission's findings on Australian investors, and their shock at the findings.
Nest Egg will report the Commission's final verdict in February as it happens. For the latest from the Commission, click here.
In another nod to how Australian investors feel about getting their taxes right, the ATO flagging the five most common issues made when lodging GST was a popular story for Nest Egg readers.
According to the Tax Office, the most common areas taxpayers make mistakes are in reporting on time, miscalculating GST payment, understanding their eligibility, offering proof of their entitlement to GST tax credits and charging GST when they need to.
In 2016, the biggest round of superannuation changes since the era of Howard and Costello were made by the federal government. This year's top podcast - featuring superannuation expert at BT Financial Group, Bryan Ashenden - tells us investors are still grappling with the aftershocks of the reforms.
Bryan shared his insights on how recent changes to super will impact those looking to retire in the near future, and offered advice to investors looking to grow their wealth into retirement.
As the rollercoaster ride of US and North Korean relations took its many turns over 2018, Nest Egg readers were watching closely how the escalating tensions could impact global markets.
We spoke with leading economist Shane Oliver about three potential resolutions to the rising pressures and how each would uniquely affect the markets.
In September of this year, the ATO announced it would be increasing scrutiny on work-from-home claims.
In particular, the Tax Office turned its gaze on individuals working from home that ‘questionably claim’ their entire internet or phone bills and not just the work-related component.
The tax office explained how it can work out which claims are legitimate and which claims are sailing close to the breeze, and Nest Egg readers were keen to understand how to stay above board in 2018 and beyond.
There's a host of misconceptions about what taxpayers are and aren't entitled to claim at tax time. As tax time drew near, the ATO warned Australians it would be targeting popular deductions, which are often over- or illegitimately claimed.
The ATO identified short-term rental income, the ‘standard’ deductions of laundry, car travel and work-related expenses, cosmetics/makeup, travel costs to investment properties and working from home expenses as targeted areas it would be looking into on 2018 tax returns.
The ATO's unprecedented access to spending and saving data means the chances of getting away with a suspect claim, and subsequent penalties, are unlikely. Eligible tax deductions are a core consideration for investors who want to grow and protect their savings, a fact Nest Egg readers were well across in 2018.