bitcoin cryptocurrency

ATO cryptocurrency guidelines

Cryptocurrency guidelines updated The Australian Tax Office (ATO) has updated their guidelines on the tax treatment of cryptocurrencies, following community consultation in 2018. The updated guidelines help you learn more about the tax implications of cryptocurrency, including the practical issues of exchanging one cryptocurrency for another and associated record-keeping requirements. If you have purchased, traded…

student

Got a HELP debt?

The impending changes to speed up your HELP repayments The Government has moved to put an end to ‘eternal students’ who constantly study and never earn an income and speed up the payment cycle for those with outstanding debt. New lifetime caps on Higher Education Loan Program (HELP) debt will prevent people from constantly going…

stock inventory

Tax concessions and funding

Take all the tax advantages you can For small business, in particular, there is a range of concessions and funding you can access. Many businesses simply don’t realise the opportunities available to them. A simple example is trading stock valuations Your trading stock is an asset that is recorded on your balance sheet. In most…

employees and workers

Claiming clothing deductions

Clothing deductions hung out to dry The Australian Taxation Office is closely examining work-related clothing and laundry expense claims of taxpayers submitting their 2017-18 tax returns. The ATO says that clothing claims are up nearly 20% over the last five years with people either making mistakes or deliberately over-claiming. Common mistakes include people claiming ineligible…

property

Latest black economy target

Why ‘property flipping’ is the next ATO target The tax law does not allow you to ‘flip’ a property tax-free even if you are living in it. Most people think that they can move into a property, renovate it, and then sell it without paying tax. The main residence exemption – the exemption that protects…

common questions

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…

house home

Tax benefits for investing in affordable housing

In the 2017-18 Federal Budget the Government announced a series of measures intended to improve housing affordability in Australia.  To entice investors, the Government is providing an increase in the CGT discount for individuals who choose to invest in affordable housing. The draft legislation enabling this change has now been released so we can see the detail.…

single touch

Single Touch Payroll starts 1 July 2018

The ATO is changing the way employers report their tax and super You may need to use Single Touch Payroll from 1 July 2018. You’ll now be able to report this information to the ATO directly from your payroll solution. If you have 20 or more employees, you need to start using Single Touch Payroll-enabled software to…

man exec suit coffee

Directors Fees

What and How To Pay Them The issue of Director’s fees often comes up – should we pay directors, how to pay, and if we do pay fees how should they be paid? We answer the common questions for private companies. Can you pay a Director? Directors who work in the company, executive directors, would…