So you think your Cryptocurrency transactions can’t be tracked?
New rules now require cryptocurrency exchanges to sign up to a new Digital Currency Register. All transactions exceeding $10,000 will need to be reported to AUSTRAC in line with existing rules for bank transfers and cash transactions. Taxpayers will need to show where the money came from and also that they have followed the ATO’s rules. Ignorance of the rules is not considered an adequate defence for failing to pay the appropriate tax. There are currently strong warnings from the ATO for taxpayers to review cryptocurrency guidance ahead of tax time 2018. So, if you’re unsure of what your cryptocurrency transactions mean tax-wise make sure you give us a call.
An ATO spokesperson told Accountants Daily earlier this year, “Where people attempt to deliberately avoid these obligations we will take strong action, in particular using a range of existing powers that are designed to address unexplained wealth and conspicuous consumption that may arise through profits derived from cryptocurrency investment,”
The ATO will acquire information for the 2016-17, 2017-18 and 2018-19 financial years on vehicles that have been transferred or newly registered where the purchase price or market value is equal to or greater than $10,000. Data will be acquired from the eight state and territory motor vehicle registry authorities.
It is estimated that records of 1.5 million individuals in each year will be electronically matched with ATO data holdings to identify non-compliance with obligations under tax and superannuation laws.
The Gazette notice for the data matching program (Gazette C2018G00277, 13 April 2018) notes the objectives include:
April 1, 2018, is the key date to analyse whether your business needs to comply with the new Single Touch Payroll (STP) requirements.
Single Touch Payroll is a reporting change for employers with 20 or more employees which starts from 1 July 2018.
It involves reporting to the ATO salaries and wages, pay as you go (PAYG) withholding and superannuation information from your payroll solution each time you pay your employees.
Currently most employers report this information either quarterly or monthly.
Single Touch Payroll will be expanded to include employers with 19 or less employees from 1 July 2019. This is subject to legislation being passed in parliament.
Businesses need to count the employees on your payroll as of 1 April, 2018, to see if you need to get ready for Single Touch Payroll.
Let Us Help Get You Up To Date
When you have been involved in a business that completes thousands of tax returns each year, for more than 25 years, you’ve heard just about every excuse why people delay or avoid lodging their returns.
Regardless of the excuse you fall back on, the obligation to lodge a return does not go away via avoidance. Delaying returns may end up getting you in even more trouble with the ATO.
But for every excuse, there is an answer. Consider the following list of commonly used delay justifications and the help that can be provided:
At Affinitas Accounting we like to share and celebrate our client’s success.
Congratulations to The Brisbane Plumbers for being our ‘Client of the Quarter’.
For a business that started less then a year ago Courtney & Joseph have done extremely well in growing their client base and brand name around Brisbane.
Foreign residents (also known as non tax residents) of Australia will soon have to pay tax if they sell their own homes at a profit.
This change, announced in the 2017-18 Federal Budget, potentially affects all property owners from 9 May, 2017 in two broad categories.
The first is those who sign a purchase contract for a property after 7.30pm on 9 May, 2017, and sell that property as a non tax resident of Australia. These people will need to calculate whether a capital gain has been made and pay tax accordingly. This will apply regardless of your tax residency status when you bought the property.
After many years of hard study, starting your medical career can be a rewarding time – from both a career and financial perspective.
The early months and years will be busy – getting to know different hospitals and the new rotations each term.
Long term financial planning may not be your immediate priority, but there are still a few things you should spend some time on in this early part of your career.
Medical professionals study long and hard to establish their careers.
Medicos choose their path to make a difference – to the lives of their patients and to their own futures and that of their families.
But whether you are a GP working with patients in a suburban practice or a Medical Specialist with consulting rooms and an operating list, it always pays to remember that, essentially, a medical practice is a small business.
Successful medical practitioners realise that to achieve their goals and be properly rewarded after the years of hard work and study, they need to get both the medicine and business working together towards a common outcome.
To do this, you need to get the right advice and gather a good team around you – preferably as early as possible in your career. And during your hospital training years can be an ideal time to start.
Truck Drivers – both long haul or short haul – are an essential part of the lifeblood of any western nation.
Whether it be our food, fuel, building materials, furniture, motor vehicles or any other general parcel – they all need to be trucked around our country and within our cities.
Trucking is not for the faint-hearted, with professional drivers often spending up to 300 days per year on the road. And when things go wrong and bad accidents occur it is always a tragedy for all concerned.
Our farms and other small business depend on the trucking industry. And most truck drivers, themselves, are small business owners who are trying to earn a living and feed, house and clothe their family.
As accountants and financial advisers, we have spent more than 25 years helping family owned trucking businesses. The following are some helpful suggestions gleaned from more than 25 years of dealing with these hard working small business owners.
While Santa is double checking his naughty and nice lists, small business owners should make and review their own list of tasks to ensure the festive season shut-down and return to work is a jolly time for all concerned.
Get into the festive spirit
December is a busy time of year for most businesses trying to wrap up work before the holidays. But don’t forget that the end of a year is also a great time to celebrate and acknowledge the hard work and achievements of your team over the past twelve months. Start by creating a festive environment and getting creative with Christmas decorations, activities and events. If you use social media, then include festive season themes in this communication.