Wash sales: How does it work?

  Wash sales: How does it work?   Wash sales typically involve the disposal of assets such as crypto and shares just before the end of the financial year, where after a short period of time, the taxpayer reacquires the same or substantially similar assets. This is a wash sale and is done to create […]

Top tax time myths for 2022

Don’t let these Tax Time myths slow down your return At a time when many people want the tax refund that they are expecting to arrive quickly, the Australian Taxation Office (ATO) is warning people not to get tripped up by tax time myths that slow down returns. Usually, tax returns lodged electronically are processed […]

Record keeping for cryptocurrency

Record keeping for cryptocurrency It is vital to keep good records for all your transactions with cryptocurrency, whether you are using cryptocurrency as an investment, for personal use or in business.   You need to keep the following records in relation to your cryptocurrency transactions: the date of the transactions the value of the cryptocurrency […]

Deduction for COVID-19 test expenses

Deduction for COVID-19 test expenses From 1 July 2021, if you’re an employee, sole-trader or contractor and you have paid for a COVID-19 test for work-related purposes, you can claim a deduction. When you can claim COVID-19 testing   From 1 July 2021, to claim a deduction for the cost you incur to pay for a COVID-19 […]

MARCH 2022 BUSINESS ACTIVITY STATEMENT (BAS)

MARCH 2022 BUSINESS ACTIVITY STATEMENT (BAS)   ATTENTION – Business Owners registered for GST, Taxi Drivers, Individuals part of Ride sharing platforms such as Uber, Ola and DIDI.      Business Activity Statement (BAS) for the period January 2022 to March 2022 is due for lodgement by 28th April 2022.       ATO may impose […]