The ATO has confirmed they are targeting Australian cryptocurrency traders to ensure that all profits are declared in personal income tax returns.
Bitcoin and other cryptocurrencies are considered property, not currency, by the Australian Taxation Office and therefore are deemed to be capital assets for the purpose of capital gains tax.
GMD Advisory remind clients to ensure all cryptocurrency sales are declared and provided to their tax advisors to ensure correct reporting to the Australian Taxation Office.
Errors relating to income from cryptocurrencies & the sharing economy are among the most common tax return errors.
Monday 7th January 2019
All Self-Managed Superannuation Funds that hold property as an asset class must report to the ATO each year the market value of each property held.
Monday 5th November 2018
Victoria's Long Service Leave Act 2018 applied from 1 November 2018. This means new rights and responsibilities for employers and employees.
The changes include allowing employees access to take long service leave in smaller increments and access to long service leave after sevens years as opposed to ten years.
Additionally, unpaid leave, including parental leave, counts towards long service leave which is a measure aimed at providing greater equity to the female workforce.
Monday 29th October 2018
The Taxable Payment Reporting System is an anti tax evasion program that first applied to the construction and building industry. It requires entities to report to the ATO payments they make to contractors & subcontractors. The ATO then uses this information for data matching to ensure contractors that received income in this industry are declaring it in their tax returns.Â
Tuesday 23rd October 2018
The QLD State government implemented more changes than any other state or territory this year in relation to property ownership and acquisition in the Sunshine State. One of the key changes is the news that foreign buyers of QLD based real estate will from 1 July 2018 be hit with a 7% transfer duty, formerly known as stamp duty, up from only 3%. This new duty rate will apply to foreign buyers regardless of legal ownership structure.
The Turnbull Government is now looking to reduce the repayment threshold for university graduates by more than $10,000, which means anyone earning more than $45,000 would make compulsory contributions.
Wednesday 11th April 2018
A submission to a parliamentary committee demonstrates that millions of Australian illegally claimed work related expenses. The ATO has published that such claims have cost the Crown 2.5 billion a year which is more than the cost of multinational tax avoidance.
Thursday 1st March 2018
Due to significant changes in SMSF legislation the ATO has granted SMSF's a tax return lodgement deadline of 2 July 2018 for 2017 Financial Year Returns.
This provides trustees with an additional 7 weeks to consider and make an election on their options in relation to CGT relief as a result of the $1.6 million transfer balance cap.
We recommend contacting your GMD team member to ensure sufficient time is available to prepare your funds requirements, consider your options in relation to CGT relief and undertake your annual SMSF audit.
Tuesday 13th February 2018