Introduction of Digital Currency Exchange Register: Cryptocurrency Tax Tracking

  New requirements for digital currency exchange providers will give further transparency to the regulators about trades and tax obligations of Australians investing in cryptocurrency.  Rules that came into effect yesterday mean that cryptocurrency exchanges will need to sign up to a new Digital Currency Exchange Register, and transactions exceeding $10,000 must be reported to AUSTRAC in…
Read More

Instant Money Transfers with New Banking Technology

Terry Millet, Chief executive office of Newcastle Permanent, advertised new payment services which launched earlier this year and will forever change how Australians make electronic payments and handle money. You may not have heard much about these new services—Osko by BPAY and PayID—as not all financial institutions, including three of the four major banks, have fully…
Read More

The Rise of Bitcoin and SMSF Investment Strategies

With the meteoric rise of bitcoin over the past year, popular interest in it and other digital currencies has grown exponentially. The SMSF community too has been very interested, with a growing number of trustees branching out to include digital currencies in their investment strategies. SMSFs are the only vehicle through which investors can include…
Read More

Small businesses and big spenders on ATO 2018 Hit List

In an interview with Acuity, Australian Tax Commissioner Chris Jordan FCA spells out his new agenda for 2018, where he sets small business and big spenders in his sights. Australian Tax Commissioner Chris Jordan has revealed in detail the tax issues that the Australian Tax Office will target in 2018 as it moves its focus…
Read More

Jail Time for Employers who don’t pay super

Employers who fail to pay super entitlements to their employees, under the Tax Office’s direction, will be subject to court-ordered financial penalties as well as up to 12 months’ imprisonment. And directors of companies that don’t pay super will come in for special attention with a “director identification number” to help the Tax Office identify those directors who are…
Read More
Menu