Super Snapshot – Sept 2014

Clear Vision • September 3, 2014

This month we will look into the crypto-currency or bitcoin revolution and if is the right choice for superannuation investment.

Cheers
Justin

So what is bitcoin? The Oxford Dictionary defines bitcoin as “a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank”. Confused? Can you see banks of the world letting an alternative form of currency taking control of their domain?

I recently attended a conference where they discussed the bitcoin and how it’s becoming part of society. For interests sake, there are more transactions being done on bitcoin in value terms than other transactions. If it hasn’t overtaken paypal, it’s getting very close.

One of the companies presenting at this conference talked about their bitcoin business and it’s this and it’s that. Then proceeded to tell us the government has just suspended it’s trading until further notice. Not a positive look for the bitcoin industry. ASIC last month made an announcement expressing concern at SMSF trustees “throwing money into bitcoin”.

From a taxation perspective, the ATO has issued a number of draft determinations in relation to bitcoin. Specifically they say, from a taxation perspective:-
• Bitcoin isn’t money
• Bitcoin isn’t a foreign currency
• Bitcoin is property and subject to CGT
• No comments yet from a SIS compliance
The ATO takes a dim view of investments such as motor vehicles, gold bullion and paintings. Purchasing bitcoin as an investment may just get you to the top of the ATO’s audit list for certain. They will be attacking the sole purpose and separation of assets area of the legislation.

The ATO also don’t like derivatives in SMSF and add the extra requirement for a derivative statement and risk management document – imagine requirements on a digital non-currency currency!

How Much Do You Need to Make? Understanding Business Turnover

By Caroline Gillies • July 13, 2025
Running a business isn’t just about making sales — it’s about making enough sales to cover your costs and pay yourself what you deserve. But how do you figure out how much turnover (aka revenue) you actually need to make each month? Knowing this number helps you: Set realistic sales targets Price your products or services properly Know when to cut costs or increase margins Understand when your business is sustainable This isn’t just about numbers — it’s about clarity and control. Once you know your required turnover, you can stop guessing and start planning. Whether you’re a solopreneur, a growing startup, or a small business owner, this is the foundation of making your business work for you — not the other way around. We love numbers — seriously. And we get that not everyone does. If you need help breaking things down in a way that’s simple, practical, and actually makes sense (even if numbers aren’t your thing), call Clear Vision Accountancy Group today on 4688 2500.

12% Superannuation Guarantee - 1 July 2025

By Caroline Gillies • June 22, 2025
From 1 July 2025, the Superannuation Guarantee (SG) rate in Australia will increase to 12%. This means employers will be legally required to contribute at least 12% of an eligible employee's ordinary time earnings to their superannuation fund. This increase is the final step in a legislated rise from 9.5% in 2021 to 12% by 2025, aimed at boosting retirement savings for Australian workers. If you use Xero for payroll, the SG rate should automatically update in the system. However, we recommend you double-check your payroll settings to ensure everything is correct. If you’re unsure or need assistance, please contact your bookkeeper or get in touch with us at: Clear Vision Accountancy Group (07) 4688 2500 We’re here to help you stay compliant and avoid any costly errors.

Capital Gains Tax Implications of Subdividing Land in Australia

By Caroline Gillies • June 1, 2025
The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.