Posted in Tax

Cryptocurrency, and dealing in cryptocurrency (i.e., buying and selling), as become very popular with many investors over the last several years.  However, a considerable number of those investors are unaware that there may be tax payable on the profits generated from their cryptocurrency dealings.

The ATO considers any profit made from dealing in cryptocurrency, whether you are a sophisticated investor or just an ordinary citizen trying to make a buck, the profits are subject to tax. &...

The ATO will issue a Pay-As-You-Go (PAYG) instalment notice to a taxpayer based on the tax paid in the previous Financial Year but you are able to vary the PAYG instalment, depending on your circumstances.

The PAYG instalment issue usually rises when tax is payable on non-employment income such as back interest, share dividends, self-employment income, et cetera.  The ATO assumes the taxpayer will be earning the same level of income in the following Financial Year and so they issue the ...

When you arrange a payment plan with the ATO you are charged interest rates which are likely much higher than the rate you can achieve in the market.

The ATO review their interest rate on a quarterly basis.  The most recent quarterly update for April – June 2022 was recently published, increasing the General Interest Charge (GIC) rate to 7.07%.

The GIC is applied for late payment of taxes and other obligations, is compounded daily, and tax-deductible.  However, an easy way a...

Many of us have had to work from home over the past couple years during the COVID 19 lockdowns, which means we generally have used our personal equipment to complete our work, but not all expenses incurred will be tax-deductible.

Fringe Benefit Tax (FBT) has very specific requirements for what business related expenses are tax deductible and those that are subject to FBT.  Whilst FBT is payable by the employer, many employers will request their employees to reimburse them for any FBT pa...

The ATO recently issued a Taxpayer Alert regarding parents that benefit from a trust entitlement of their children over 18 years of age.

It has been common practice for families to distribute trust income to various family members that have different Marginal Tax Rate brackets.  The income may be declared distributed in the trust account and individual tax returns of the parents and children but the "economic benefit" may only reside the parents (i.e. the income is declar...