The regulations, reporting and obligations around crypto mining tax can often be quite difficult to understand. Even the information on mining cryptocurrency taxes provided by the ATO, who are leading the world in cryptocurrency regulation and legislation, can be a little confusing. To help you understand your obligations for crypto...
Category: Accounting
ATO Cryptocurrency Letter: What do you need to know?
In June 2020, the ATO commenced the ATO cryptocurrency letter notification system. For many people, they believe that cryptocurrency trading is anonymous, however this isn’t entirely true. The ATO is leading the world in enforcing the regulation of cryptocurrency and as part of this process, requires exchanges operating in Australia...
Cryptocurrency Tax: Should I be Taxed as a Business or Individual?
Cryptocurrency tax is normally assessed using the capital gains system. However, it’s important to note that depending on your cryptocurrency activities, the ATO may consider these as business-like behaviour. This means that your cryptocurrency tax will no longer be assessed as CGT, but as business income tax. If this is...
E-Invoicing: What it means for your business
As part of the 2021 Federal budget, the government announced $15.3 million in funding to accelerate the adoption of e-invoicing by public services and Australian businesses. Through the adoption of e-invoicing systems and standards such as PEPPOL, the government hopes to reduce business costs and increase the productivity of the...
Important changes to Superannuation from 2021 and beyond
From the 1st of July, changes to superannuation will come into effect that will impact how you manage your super contributions for yourself and your employees. Here’s what you need to know. Superannuation Guarantee Increase to 10% Starting on 1 July 2021, employers will now have to contribute 10% of...