As the prices of bitcoin and other digital currencies take rollercoaster rides, consultation on their tax treatment has commenced. We briefly explain what crypto assets are and the Australian tax implications that come with them.
A recent random ATO enquiry program found that 90% of tax returns reporting rental income and deductions contained at least one error. So it comes as no surprise to learn that rental properties continue to be one of the main focus areas for the ATO.
Single Touch Payroll Phase 2 is a move towards a more complete digital record and reporting. Making it easier for everyone. The way employers manage Single Touch Payroll won’t change, it just means that additional information will need to be reported when processing payroll.
A common (and at times inaccurate) assumption made about claiming a work related vehicle deduction is that as long as your car use is work related, it can be claimed as a deduction in your tax return. The Australian Taxation Office (ATO) states that to be able to claim car expenses, you must be able to satisfy certain work-related usage conditions.