Failure to declare Crypto profits may incur high ATO penalties.
People who hold cryptocurrencies such as bitcoin, as an investment, are likely to receive a notification from the Australian Taxation Office if they fail to declare when they are sold at a profit.
In Australia Cryptocurrency transactions are subject to … Read the rest
How do you pay a Genuine Tax Bill?
The most common methods are BPay or Credit/Debit card, as explained at: https://www.ato.gov.au/general/paying-the-ato/how-to-pay/
You NEVER pay by Gift Cards or cash to a stranger who says they are a tax collector.
You also never pay a policeman who is collecting for the … Read the rest
Have you missed the Tax Return Deadline?.
The Australian Tax Returns for the 2019/20 tax year had to be lodged by Monday 2nd November 2020. Extended from 31 Oct as that was a Saturday.
Financial Penalties might apply if you did not lodge yours on time.
If you have already … Read the rest
Tax Cuts are beginning from 13 October 2020.
Employers will begin to implement the new tax rates between 13th October and 16th November.
Employees earning over $37,000 per year will begin to gain the benefits of the new rates from a pay date during that period.
As the new rates … Read the rest
Low Income Tax Offset Increase.
News in the 2020/21 Budget says that the Low Income Tax Offset (LITO) will increase from $455 to $700, and will provide up to $255 extra in tax relief.
The Government will provide low- and middle-income earners with a one-off additional benefit from the low … Read the rest
The Australian Backpacker Tax has been clarified as valid.
In October 2019 the Federal Court ruled that a tax on working holiday visa holders was invalid, and an estimated 75,000 backpackers were told they might receive refunds from the Australian tax office (AT) for overpaid tax.
However, the ATO appealed … Read the rest
What Can you Deduct against your Tax this year?.
These are a few reminders for the rules on common tax deductions.
Vehicle and travel expenses — If you use your car for work or work in different locations, then you may be able to claim a deduction. This does not … Read the rest
How Much do Smokers Cost Australian Taxpayers?.
Australian Smokers Contribute $9.7 billion in tax collected from Tobacco sales.
Australian smokers cost the Taxpayer $16.7 billion, in health and productivity costs, with $8.8 billion directly to the medical aspects of the smoking diseases. Other figures show a total cost nearing $137 … Read the rest
2020 Changes to Capital Gains Tax on Main Residence.
From the 1st July 2020 there is a major change to Capital Gains Tax on some Australians Main Residence property.
It only affects those Australian Property Owners who are overseas, so not everyone should panic when they read some of the … Read the rest