The ATO Says It Can’t Rely on Crypto Users Own Records
The Australian Tax Office (ATO) has said that it is unable to rely on cryptocurrency investors to keep track of their crypto related transactions and profits, despite most investors trying their best to provide the ATO with the correct information. “Our main concern is that many taxpayers believe their cryptocurrency gains are tax-free or only […]
Covid Disaster Payments In NSW and ACT Have Been Discontinued
Residents of NSW and the ACT who have been receiving Covid-19 Disaster Payments have been told that their payments were officially discontinued on Friday 8th October. The discontinuation comes as the two jurisdictions both reached the 70 percent vaccination threshold target. In an update made on Friday 8th October, Services Australia confirmed that the payments […]
SMEs Encouraged To Seek Help If They Are Struggling To Pay Their Taxes
Small to medium enterprises (SMEs) across Australia are being encouraged to seek immediate help if they are struggling to pay their taxes due to the covid-19 pandemic-induced cash-flow issues. It has been reported that small to medium businesses currently owe the Australia Tax Office (ATO) a record-high $21.4 billion in tax debt in the financial […]
4.6 Billion of JobKeeper Payments Went To Businesses That Increased Their Turnover
It has been revealed that billions of dollars’ worth of JobKeeper payments were distributed to businesses that increased their turnover at the peak of the covid-19 pandemic in 2020. The Australian Government originally announced the $1,500 per fortnight wage subsidy in March 2020 when the economy shut down to combat the spread of the virus. […]
The ATO Paid $5.3 Billion In Tax Returns During July 2021
Recently published figures from the ATO (Australian Tax Office) has shown that 2.1 million taxpayers across the country have so far received an average tax refund of $2,490 this contributing to a total of $5.3 billion, in the first four weeks into 2021 tax time. Assistant Treasurer Michael Sukkar tried putting a positive spin on […]
Claiming Tax Deductions Without A Receipt
Tax deductions are the main way you can improve your tax refund. In simple terms, deductions add fairness to the tax system; if you have to spend extra money that connected with how you earn a living, then you get something back for that. The ATO prefers that you keep a receipt for every expense […]
Important Information About Tax Cuts And Super Changes Introduced on 1st July 2021
Tax relief for workers and businesses, higher superannuation payments and housing assistance for first home buyers are just some of the changes set to occur at the start of the new financial year on Thursday 1st July, as a number of measures from the 2021 federal budget come into effect. Arguably the most significant change […]
Reasons Why 1st July Is Too Early to File Your Tax Return
Millions of Australians are feeling enthusiastic about receiving their annual tax refund, but filling your tax return on 1st July has the potential to land you in some serious trouble with the tax office. The lure of a $1080 tax cut, available to millions of Aussies this financial year, might entice you to do your […]
The Popularity of Cryptocurrency In Australia Continues To Rise
A recently published survey revealed that risk is the biggest reason why Australians still lack confidence in cryptocurrency. 43 percent of Australians who responded to the survey said that the volatility of cryptocurrency was their biggest deterrent to buying it. This is a 14 percent increase on the same answer from a survey published in […]
The ATO Is Cracking Down On “Copy-Paste” Expense Claims
The Australian Tax Office (ATO) has given a warning to taxpayers who choose to “copy-paste” work related expense claims, like those accumulated when travelling between work sites, or laundering uniforms, while they have been working from home. Although the majority of Australians are doing the right thing, the ATO has reassured tax payers that the […]