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Introduction of Digital Currency Exchange Register: Cryptocurrency Tax Tracking

Emma Zajac
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  New requirements for digital currency exchange providers will give further transparency to the regulators about trades and tax obligations of Australians investing in cryptocurrency.  Rules that came into effect yesterday mean that cryptocurrency exchanges will need to sign up to a new Digital Currency Exchange Register, and transactions exceeding $10,000 must be reported to AUSTRAC in…

Instant Money Transfers with New Banking Technology

Emma Zajac
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Terry Millet, Chief executive office of Newcastle Permanent, advertised new payment services which launched earlier this year and will forever change how Australians make electronic payments and handle money. You may not have heard much about these new services—Osko by BPAY and PayID—as not all financial institutions, including three of the four major banks, have fully…

The Rise of Bitcoin and SMSF Investment Strategies

Emma Zajac
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With the meteoric rise of bitcoin over the past year, popular interest in it and other digital currencies has grown exponentially. The SMSF community too has been very interested, with a growing number of trustees branching out to include digital currencies in their investment strategies. SMSFs are the only vehicle through which investors can include…

ATO TO REPORT TAX DEBTS TO CREDIT REPORTING AGENCIES

The Garis Group
The federal government has been, for some time, concerned about the escalating debt from taxpayers who would like to use the ATO as a bank. Businesses are either delaying or not paying their obligations such as GST, PAYG or income tax. The government announced in it’s Mid Year Economic & Fiscal Outlook report last December…

THE $20,000 INSTANT ASSET WRITE OFF ENDS 30TH JUNE 2017

The Garis Group
  The Federal Government’s recent change to the corporate tax rate for small business was finalized on the 31st March after a hard fought campaign that required support from minority parties for the government’s plan. As projected in last years’ budget, the Ten Year Enterprise Tax Plan, provides for a number of significant tax changes…

AUSSIES SAVINGS AT DANGEROUS LEVELS

The Garis Group
  In a recent financial industry survey by Map My Plan, it was noted that more than one third of Australians are holding levels of savings at precarious levels. The report noted the following; 1. 36% of working Australians could only access $1000 or less in the event of a financial shock such as a…
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