The ATO has announced after public consultation the ATO has updated their guidelines on tax treatment of crypto-currencies. The ATO’s guide on the ATO website now states:
“The term crypto-currency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a […]
Tax time can be mind boggling for small business owners. Especially with new tax laws in 2018 and the increasing number of start ups in Queensland meaning many business owners are facing their very first tax time.
So we’re sharing these two fabulous easy to read posters from the ATO to help you at tax time. […]
The Australian Tax Office is targeting home office expense deductions – what does this mean for you?
The ATO is increasing its attention, scrutiny and education around deductions for home office expenses and may contact a taxpayer’s employer to verify the claimed expenses.
The ATO says a significant issue is a taxpayer claiming the entire amount of […]
Do you offer accommodation services through an online platform? Did you know the ATO is focusing on the “sharing economy” in 2018? The ATO has stated its intention to use its data matching powers to identify people who have or may be engaged in providing accommodation services through an online platform during the 2016-17 to 2019-20 financial […]
Rental Bond Data
Did you know the ATO has announced its intention to collect real property rental bond data from state and territory rental bond authorities dating back to 20 September 1985 (the introduction of the CGT regime)?
The data will be collected to identify individuals who have income tax reporting obligations for income producing properties or […]
In the ATO guide for hospitality workers, the ATO states:
To claim a work-related deduction:
you must have spent the money yourself and weren’t reimbursed
it must be directly related to earning your income
you must have a record to prove it.
If the expense was for both work and private purposes, you can only claim a […]
If you’ve been approached by someone promising to help you access your Self Managed Super Fund early you may wish to talk to your accountant first ….
The ATO has issued a press release advising that as a self-managed super fund (SMSF) trustee, you must ensure that the member has met a condition of release before […]
The end of financial year is fast approaching.
30 June falls on a Saturday this year and we traditionally experience a high influx of calls and emails in the last week of the financial year. To ensure our service best meets your needs, we recommend you contact us now for any support or assistance you require […]