Stiff ATO penalties for failure to declare crypto profits

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

Australian Backpacker Tax 2020

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

How Much do Smokers Cost Australian Taxpayers

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