Are cryptocurrency losses from scams deductible?
With the recent collapse of a second Australian cryptocurrency exchange in as many months, along with persistent reports of a range of sophisticated cryptocurrency scams targeting Australians, many cryptocurrency owners are asking if you lose money in a scam can you deduct the loss? The short answer is it depends. Scamwatch, a part of the …
ATO tax gap and beyond
Since the heady days of 2012, when the ATO published its first tax gap estimates by releasing the GST and LCT (luxury car tax) gaps, the latest figures released by the ATO encompass every income and transactional tax as a measure of the total tax performance of the system. The most recent overall estimate of …
Building delays may cost you in more ways than one
Most of Australia has been experiencing a building boom fuelled by government policy such as the HomeBuilder scheme and a general desire to make our living spaces better as we spend more time working, educating and living at home. However, with global supply chains and transport routes disrupted due to the effects of COVID-19, there …
Future direction of the ATO
The Commissioner of Taxation, Chris Jordan, spoke recently at a conference about what’s in store for the ATO including upcoming changes, transformations, aspirations for the future, as well as support for small businesses. According to Commissioner Jordan, the main aspirations for the ATO for 2024 and beyond is to become more streamlined, integrated and data …
Overview of small business CGT concessions
Recently, the ATO has noticed that some larger and wealthier businesses have mistakenly claimed small business CGT concessions when they weren’t entitled. By incorrectly applying the concessions these businesses were able to either reduce or completely eliminate their capital gain. The ATO has urged all taxpayers that have applied the small business CGT concessions to …
Data-matching: Medicare Exemption Statement
ATO has announced the extension of its Medicare exemption statement data-matching program. This program has been conducted for the last 12 years and has been extended to collect data for the 2021 through to 2023 financial years. It is estimated that information relating to approximately 100,000 individuals will be obtained each financial year. The information …
ATO concerns on luxury car tax
The ATO has issued an alert warning taxpayers that it is investigating certain arrangements where entities on-sell luxury cars without remitting the requisite luxury car tax amount. This applies to those selling luxury cars in the ordinary course of business in any structure (ie company or sole trader), as well as those that sell a …
STP phase 2 coming soon
The ATO is expanding the information that your business sends through Single Touch Payroll (STP). From 1 January 2022, most employers will be required to send additional information such as commencement date of employment, cessation date of employment, reasons for leaving employment and work type (ie full-time, part-time etc). The basic information of salary and …
More COVID-19 support for individuals in NSW
Extra financial help is being fast-tracked to NSW in the form of an increased COVID-19 disaster payment to alleviate the strain on individuals as a result of the lockdown extension. Eligible workers that have lost 20 or more hours of work is now eligible to receive $750 a week, and those that have lost between …