Helpful Articles and News from Garnet

COVID-19 tests may be deductible?

COVID-19 tests may be deductible?

The government has proposed to make COVID-19 tests, both rapid antigen and polymerase chain reaction tests, tax deductible for individuals where they are purchased for a work-related purpose.  After the recent furore over the non-existent supply of COVID-19 rapid...

Are cryptocurrency losses from scams deductible?

Are cryptocurrency losses from scams deductible?

Cryptocurrency losses and scams are on the rise in Australia, depending on your circumstances, if you’ve been scammed, you may be able to claim a capital loss in some instances. With the recent collapse of a second Australian cryptocurrency exchange in as many months,...

IP insurance in super: beware of offsets

IP insurance in super: beware of offsets

If you have IP (income protection) insurance in your MySuper product, it’s time to check the details, including any “offset” clauses that may reduce the value of any claim Insurance within super is usually the most cost effective way for an individual to cover...

Data-matching: Medicare Exemption Statement

Data-matching: Medicare Exemption Statement

ATO has announced the extension of its Medicare exemption statement data-matching program. As the year draws to an end, the ATO has extended another data-matching program, this time into the Medicare Exemption Statement (MES). The MES is a statement that outlines the...