The tax treatment of cryptocurrency

Cryptocurrencies, once again surging in popularity, have a unique tax treatment that every taxpayer dealing with cryptocurrency should be aware of.

Evidencing SMSF property valuations

The ATO recently clarified the evidence that is required to support real property valuations within SMSFs, particularly in light of the unique challenges brought about by COVID-19.

ABN Application

13 Steps To Apply ABN

It is relatively easy to apply ABN on your own, here are break down steps to apply an ABN from Australian Business Register

The SMSF sector has been growing by $62,400 every minute

The SMSF Sector Has Been Growing By $62,400 Every Minute

Total superannuation industry assets were $2.9 trillion as at 30 June 2020. Of this total, $1.9 trillion was held by APRA-regulated superannuation entities and $0.7 trillion was held by self-managed superannuation funds (SMSFs), which are regulated by the ATO.

Taken goods for private use? Here’s the latest values.

Taken Goods for Private Use? Here’s the Latest Values.

The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes. This common practice can occur in businesses such as butchers, bakers, corner stores, cafes and more.

Vehicle FBT changes under COVID-19

Vehicle Benefit FBT Treatment Changes Under COVID-19

The special circumstances that coronavirus has thrown our way looks like having some very practical outcomes on certain areas of fringe benefits tax (FBT). One of the most prevalent and well-established category of fringe benefits centres on the provision and use of vehicles.

Update your ABN … or miss out!

Update Your ABN … or Miss Out!

Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support.

Natural Disasters and Help with Your Tax

Natural Disasters and Help with Your Tax

The ATO says that if you are affected by natural disaster, such as bushfires, floods or storms, there is generally no need to worry about your tax affairs right away.

Getting a tax valuation from the ATO

Getting A Tax Valuation From The ATO

Not every individual situation fits neatly with the tax laws as they stand — sometimes a taxable item’s known value may need to be determined.

JobMaker hiring credit What you need to know

JobMaker Hiring Credit: What You Need to Know

The JobMaker Hiring Credit scheme was passed into law in mid-November 2020. JobMaker was part of the 2020-21 Federal Budget, and will operate until 6 October 2021.

What is a recipient created tax invoice?

What Is a Recipient Created Tax Invoice?

Tax invoices are an essential element of Australia’s taxation system, and serve both to collect taxation revenue related to the goods and services on which GST is levied as well as record the credits that are  claimable by eligible businesses.

Claiming Interest Expenses for Rental Properties

Claiming Interest Expenses for Rental Properties

Interest is a common deduction claimed by taxpayers. Generally, interest is seen as being inherently deductible where it is incurred in gaining or producing assessable income. However, interest expenses will not be deductible where money is used for a purpose that does not produce income, even if the money is borrowed by being secured over rent-producing property.

A run-down of the new loss carry back measure

A Run-Down of the New Loss Carry Back Measure

The last Federal Budget carried with it a number of tax changes (such as loss carry back rules) that were designed to assist the Australian economy recover from the impact of the COVID-19 pandemic.

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ATO’s Cyber Safety Checklist

In a new update the ATO reports that it is receiving reports of email scams about JobKeeper and backing business investment claims.

Federal Budget(20-21)

Federal Budget 2020-21

Federal Budget 2020-21
1. BUSINESS
2. R&D TAX INCENTIVE
3. TEMPORARY LOSS CARRY-BACK
4. SUPERANNUATION
5. HOUSING
6. EMPLOYMENT AND TRAINING
7. MANUFACTURING
8. ENVIRONMENT
9. HEALTH AND FAMILIES

2020-21 Lodgment Rates and Thresholds

2020-21 Lodgment Rates and Thresholds

This guide includes tax rates, including individual minor and non-resident rates, corporate rates, offset limits and benchmarks, rebate levels, allowances, essential super, FBT rates and thresholds.

money issues arising from covid-19 for companies and trusts

COVID-19 Issues for Companies and Trusts

With many having received cash flow boost and JobKeeper payments, there can arise some unique issues where these amounts are received within a trust or company.

The JobKeeper scheme gets an update, plus an extension

The JobKeeper Scheme Gets An Update, Plus An Extension

The JobKeeper payment, which was originally due to end after 27 September, will now continue to be available to eligible businesses (including the self-employed) until 28 March 2021. However there are some changes to consider.

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