Australian Taxation Office

ATO updates crypto tax guidance

People who convert cryptocurrency to Australian dollars or other money may be liable to pay capital gains tax, according to new tax guidance The Australian Taxation Office has updated the information on its website dealing with tax and cryptocurrency. It

More »

Tax man comes after gig workers

The growth in the sharing economy has been accompanied by increased attention from the ATO, and tax agents are advising their clients that the tax man will be paying much closer attention to Uber drivers, Airbnb landlords and Airtasker workers.

More »

Blitz on car expenses planned for tax season

The ATO has announced that it will be “closely examining” claims for work-related car expenses this year, as part of its monitoring of work related expense claims. More than 3.7 million people made a work-related car expense claim last financial

More »

The ATO may be adding up your super balance wrongly

Even the Australian Taxation Office is having trouble coping with the complexity introduced into the superannuation system by policy changes over the past year. The ATO has reported that in certain circumstances its system is duplicating amounts in calculating an

More »

First home saver and downsizing schemes law

The Parliament has passed legislation introducing the First Home Super Saver Scheme and the new downsizing rules for older people. The FHSSS allows for $15,000 a year (up to a total of $30,000) to be contributed to super as a

More »

Government turns property GST on its head

The Government has released draft legislation that will change the way GST applies to newly constructed residential properties. It follows the change announced in the Budget to require purchasers of new properties to remit GST directly to the Australian Taxation

More »
Andrew Ang

ATO eases SMSF event-based reporting burden

The Australian Taxation Office has finalised arrangements for the introduction of new “event-based” reporting rules for self-managed superannuation funds, with some important modifications to its original proposal. The new reporting requirements, which take effect from July 1 next year, are

More »

Q&A 13 November 2017

Q: I am about to complete a tax return for my self-managed fund. What guidance can you give on claiming tax deductions? A: Investing through an SMSF can be very tax effective, but that doesn’t mean anything goes. In principle,

More »

ATO joins push for auditor independence

The Australian Taxation Office is throwing its weight behind a regulatory campaign to enforce compliance with auditor independence rules, saying it will focus its compliance resources on auditors who prepare accounts and tax statements for SMSFs they also audit. James

More »