Crypto
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2022 Cryptocurrency Tax Guide Australia
The Australian Taxation Office (ATO) released the cryptocurrency taxation laws some time ago. This passing of the tax law was a predictable move by the government, considering they have been rallying to regulate cryptocurrencies and reform the laws regarding blockchain assets. Australia has the third-highest adoption rate of cryptocurrency globally, and Bitcoin is the highest-held…
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Luxury Car Limit (LCT)
Cars with a luxury car tax (LCT) value over the LCT threshold attract an LCT rate of 33%. Luxury car tax thresholds If you import or sell a car with a GST-inclusive
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Update on Single Touch Payroll (STP) Phase 2 Registration – ATO’s payroll STP phase 2 registration.
STP Phase 2 is expanded form of STP reporting. As you may be aware, the STP Phase 2 is aimed at enhancing the efficiency and accuracy of payroll information. Under STP Phase 2, we will be reporting additional information to the ATO through payroll lodgements. Previously all income types were reported in total as Wages to…
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Electric vehicles FBT
New rules from ATO for FBT on Electric Vehicles The Australian Government has announced a proposal to remove the Fringe benefit tax (FBT) on electric cars from 01 July 2022. This measure is not yet law. If enacted, this will apply from the FBT year beginning 1 April 2022. For FBT return preparers, in the tax…
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ATO changes to claim Work from Home expenses
We have been receiving a lot of queries regarding the recent changes to Work from home. The ATO made some changes effective from 01 Mar 2023 • data and internet • mobile and home phone usage • electricity and gas • computer consumables (e.g., printer ink) • stationery Please note you cannot claim a separate…
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New law to make Teslas and other electric cars FBT free
From 1 July 2022 employers do not pay FBT on eligible electric cars and associated car expenses. For FBT return preparers, in the tax return, include the value of these exempt car fringe benefits in the calculation of an employee’s reportable fringe benefits amount. This is part of the Australian Government drive to increase take…