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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 a loss to [...]
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 [...]
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 in Australian dollars at the [...]
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 test, you must: use the test [...]
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 penalties for late lodgement of BAS returns. Contact Expert [...]
Attention Employers: The next quarterly super guarantee payments are due to your employees’ super funds by 28th April 2022. This payment will cover superannuation on wages paid during the period January 2022 to March 2022. If you do not pay an employee's super guarantee on time and to the right fund, you must lodge the [...]
You can't claim a deduction for removal or relocation costs you incur to transfer or relocate for work purposes. Even if relocating is a condition of your employment when you take up: a transfer in an existing employment new employment with a different employer. https://expert-tax.com.au/ https://www.flyonit.com.au/ Removal and relocation expenses never have a sufficient [...]
A director identification number (director ID) is a unique identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities. https://www.flyonit.com.au/ Directors need to apply for their own director ID. It’s free to apply. https://expert-tax.com.au/ Directors will only ever have one director ID. They'll keep it forever even if [...]
This is a very popular wealth creation strategy used by some business owners to invest for their retirement by renting their business premises owned by their Self-managed super fund (SMSF). https://expert-tax.com.au/ What is SMSF? An SMSF is a privately run super-fund that can have up to 6 members. The purpose of an SMSF is the [...]
Side hustles are front of mind this tax season The Australian Taxation Office (ATO) is reminding Australians that it is paying close attention to undeclared income from secondary work, including from the sharing or ‘gig’ economy this tax time. Generally, when you provide your labour, skills, or goods for a fee, you need to report [...]
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