With inflation rising and the cost-of-living soaring, many of us are looking at ways we can reduce our outgoings and live a little more prudently.

The ATO has released updated information on claiming cryptocurrency losses and gains in your tax return.The first point to understand is that gains and losses from crypto are only reported in your tax return when you dispose of it – you sell it, convert it to fiat currency, exchange it for another type of asset, buy something with it, etc. You cannot recognise market fluctuations or claim a loss because the value of your crypto assets changed until the loss is realised or crystallised.

The system was firstly aimed at the building and construction industry in 2012 and was expanded to include cleaning and courier services. It was expanded further and now; a broader set of industries have been included.

A reminder of what changed on 1 July 2022: Superannuation guarantee increased to 10.5% – $450 super guarantee threshold removed for employees aged 18 and over

A reminder of what changed on 1 July 2022 – Superannuation guarantee increased to 10.5% – Work-test repealed for those under 75 to make or receive non-concessional or salary sacrifice super contributions (the work test still applies to personal deductible contributions)

Everyone knows you don't pay tax on your family home when you sell it‚ right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption.

If you haven't already started the additional reporting required for Single Touch Payroll (STP) you may start getting reminders from the ATO.

Currently, a work test applies to superannuation contributions made by people aged 67 or over. In general, the work test requires that you are gainfully employed for at least 40 hours over a 30 day period in the financial year.

The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on 1 July 2025.

From 1 July 2022, the $450 threshold test will be removed and all employees aged 18 or over will need to be paid superannuation guarantee regardless of how much they earn.

There are lots of reasons to keep fit but very few of them have to do with how we earn our income. As a result, a tax deduction for a gym membership isn't available to most people. And yes, the Tax Office has heard all the arguments before about how keeping fit reduces sickness and therefore is important to earning an income, and the way I look is important to my job'.

The Government previously temporarily reduced the minimum required rates for withdrawals from pension accounts by 50% for the 2020, 2021, and 2022 income years.These regulations extend this measure to cover the 2023 income year as well.