ATO turns its attention to crypto
Individuals and businesses trading in cryptocurrency and non-fungible tokens beware, the ATO is cracking down on those not including their capital gains or losses in their tax returns. Although many people think crypto is relatively anonymous, the ATO is obtaining transaction data from cryptocurrency designated services providers for its data-matching program, and closely monitoring where …
Get ready for tax time 2021
Tax time 2021 is fast approaching, with the knowledge gleaned from the recent ATO statistics release that shows individual taxpayers carrying the majority of the tax burden, it is no surprise that the ATO is keeping a close eye on individual tax returns this year. Specifically, the ATO noted it will be focusing on work-related …
Long awaited FBT car parking ruling released
Businesses will finally have certainty on car parking fringe benefits with the release of a long awaited ruling that provides clarification on the meaning of a commercial car parking facility. This new definition differs from the previous ATO view that car parking facilities with a primary purpose other than providing all day parking were not …
Private health insurance rebate frozen
Is your private health insurance getting more expensive every year? Part of the reason could be that the government has once again introduced legislation to freeze the private health income thresholds. While the government likes to blame the private health funds for hikes adding to the cost of living, the reality is that the income …
ATO compliance: economic stimulus measures
Businesses that have utilised economic stimulus measures such as loss carry-back, temporary full expensing and accelerated depreciation need to take extra care this tax time. The ATO is increasing its scrutiny and will be reviewing all claims as a part of its compliance activity. It will be actively looking for signs that businesses are entering …
Using the margin scheme on property sales
If you’re in the business of selling property and paying less GST sounds good from a cash flow point of view, then the margin scheme might be right for you. The use of the margin scheme means that instead of paying GST equal to 1/11th of the sale price, you’re able to pay GST equal …