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BITCOIN: ITS PLACE IN YOUR WALLET OR SMSF PORTFOLIO

While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 in existence. In it's simplest form, a cryptocurrency is a 'peer-to-peer electronic cash system', which means that the currency is not in a physical form like cash but sits in an electronic register.

What makes bitcoin work, where previous attempts at electronic cash did not, is in the magic of something called blockchain. One of the problems with earlier electronic cash was that it was possible for those with the skills to fool the system and allow multiple transactions of the same piece of currency.                                    
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SMSF COMMUTATION REQUESTS: HOW TO GET THE GREEN LIGHT FROM THE ATO

The ATO has issued guidance on its approach to commutation requests, which is an essential piece of information for SMSF trustees because it explains which commutation requests will not be subject to an ATO review. With recently introduced superannuation rules now in effect (from 1 July 2017), superannuation members with income streams that are valued in excess of $1.6 million will need to commute the excess by 30 June at the latest in order not to exceed their transfer balance cap.

                        
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DEALING WITH TAX AND RENTING VIA AIRBNB

Airbnb is one of may examples of the 'sharing economy' - connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred to as 'hosts', to rent out a room of their house or their whole house for a short-time basis via its online platforms.

While the focus here is on Airbnb, the tax concepts outlined could be applied in a more general sense to anyone seeking to rent out a part of their home, whether through Gumtree, Realestate.com.au, Flatmates.com.au and so on.                                                                        

         
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FINANCIAL SOLUTIONS

 
Insurance – protect your most valuable asset

How would your family or loved ones cope if you suffered an accident or illness? Would you be able to survive a forced retirement? Nearly a third of Australians over the age of 45 retire early due to ill health.  You have worked hard to support your family and have built up a healthy level of savings. A serious injury or illness could put these life savings and retirement plans in jeopardy.

Australians insure their homes and cars, often with barely a second thought, but only a minority protect themselves and their loved ones should something happen to them. In fact, we're one of the most under-insured countries in the developed world with many families suffering financially if something happened to one of the breadwinners.

Let us help protect you and your loved ones. Contact us today to arrange a complimentary meeting to discuss your personal life insurance needs.

·         How much cover do I need?

·         Should I hold insurance inside or outside of super?

·         Stepped vs level premiums?

·         Any vs own occupation?

·         I'm paying a large premium now, do I need to be?

·         I've got existing cover in my super but don't know if it's appropriate?

·         I'm a SMSF trustee but haven't considered the insurance needs of the members.

Visit our website for more information or contact Erich or En to organise a introductory meeting.