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Australia’s new multinational tax crackdown

How small subsidiaries are being caught by Australia’s new multinational tax crackdown Entities with a global parent or that are part of a large group of companies are being caught in the multinational tax crackdown regardless of their size in Australia. With effect from 1 July 2016, many smaller entities connected to a larger parent [...]

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New legislation restricts access to the reduced company tax rate

Legislation restricting access to the small business company tax rate reduction entered Parliament in October. The changes specifically preclude companies with passive investments such as rental property income from qualifying for the small business entity tax rate of 27.5%. For the 2017 income year a company could access the reduced company tax rate if it was [...]

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Cleaners and couriers latest black economy targets

Details of Government’s crackdown on cleaning and courier companies revealed. From 1 July 2018, the taxable payments reporting system will extend beyond the building industry to cleaning and courier businesses. This means that these businesses will need to report payments they make to contractors (individual and total for the year) to the ATO. By ‘payment’ the [...]

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Can your SMSF invest in cryptocurrencies?

Arguably, an SMSF can invest in cryptocurrencies but there are several factors to take into account before investing. Cryptocurrencies are a high-risk product as they are blockchain driven and unregulated. While there have been numerous stories in the media about massive gains made on the currency by early investors, the price fluctuates, cryptocurrencies face new [...]

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Businesses trading in cryptocurrencies

If your business accepts cryptocurrency as payment for goods or services, these payments are treated in the same way as any other. That is, if your business is registered for GST, the price paid by the person paying in the digital currency should include GST. Likewise, if you purchase goods or services for use in [...]

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Individuals trading in cryptocurrencies

If you hold cryptocurrency for your own personal use and you paid $10,000 or less to acquire the digital currency, then there is generally no tax impact when you dispose of the currency. However, if the cryptocurrency is not held for your personal use and enjoyment then there are some tax issues that can arise. [...]

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How are cryptocurrencies taxed?

Under GST law, 10% GST applies to supplies of goods and services. Money receives special treatment because it’s a medium of exchange and not something for final private consumption. Up until recently, the Australian Taxation Office (ATO) took the view that cryptocurrencies did not meet the definition of ‘money’ because they have an independent value [...]

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Warning of MYOB Scam Email

This email is a SCAM and is not from MYOB Please be aware that there is a malicious email currently circulating pretending to be from MYOB claiming to have an invoice and prompting you to click on a link. You do not have to be a MYOB user to potentially receive this email. Below is [...]

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Safe harbour for directors of struggling companies

Australia's insolvent trading laws impose harsh penalties on directors of companies that trade where there are reasonable grounds to suspect that the company is insolvent.  Criminal and civil penalties can apply personally including penalties of up to $200,000, compensation proceedings by creditors or liquidators, and where dishonesty has been involved, up to 5 years in [...]

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ASIC Trading Name changes

Trading names A trading name was a name used by an entity or person to trade under. A trading name is not a registered business name. The Australian Taxation Office (ATO) collected trading names before 28 May 2012. They are currently displayed on the Australian Business Register (ABR). Current situation Since 28 May 2012, the [...]

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