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Junaccountant Melbourne Information about functional currency rules, eligibility and the implications for tax accounting and reporting. How to use this guide The electronic version of this document is the only authorised version. Printed copies may be out of date. Read this guide to find out more about the functional currency rules, including: You can use this guide if you are: This guide does not cover income from overseas permanent establishments of resident taxpayers. Functional currency translation rules The functional currency translation rules are an exception to the core foreign currency translation rules. Under the core foreign currency translation rules, amounts in a foreign currency must be translated into Australian dollars (A$). There are also rules about when and at what exchange rate […]
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MayHow to apply for super held by the ATO online or by using the paper application form (NAT 74880). Manage your super online You can manage your super using our online services. This includes applying for your ATO-held super money and uploading supporting documents. To use our online services, you need to create a myGov account and link to the ATO. For more information, see Keeping track of your super. Eligibility criteria You can only apply for a payment of your super held by us if you meet at least one of the eligibility criteria outlined in the tables below. If you apply using ATO online services, in most instances we will automatically work out if you are eligible. Depending on[…]
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MayInstructions for foreign investors who need to register an asset or update details about an existing asset. What is an asset An asset can be a: There is no fee payable to register assets. Register a new asset Check the information required to register the relevant asset type. Have the information you need ready to complete the registration in one session, as: Each asset must be registered separately. Log in to Online services for foreign investors. From the home page, select the Asset menu or Register asset quick link. At the Asset page select Add then Register new asset. The asset will have an Asset ID after it is registered. Required information The information you need to provide for each asset type: Property Each registration represents one property. If a property has[…]
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DecRegistration of Digital Games Tax Offset rules The Government has registered the Income Tax Assessment (Digital Games Tax Offset) Rules 2023 (‘Rules’), which follows the recent enactment of legislation introducing a refundable tax offset for eligible expenditure incurred in the development of digital games. The Rules set out the procedural rules for how companies apply for various Digital Games Tax Offset (‘DGTO’) certificates, including a Completion Certificate, Porting Certificate or Ongoing Development Certificate for the DGTO, or provisional forms of those certificates. The Rules also set out the rules for the processing and assessment of such applications, including the seeking of expert advice and additional information from applicants. The Rules require certain information to be provided to the Arts Minister[…]
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NovOver the last few income years, the ATO has seen some instances of SMSF trustees losing their crypto asset investments. These losses have been caused by: 1. crypto scams, where trustees were conned into investing their superannuation benefits in a fake crypto exchange; 2. theft, where fraudsters would hack into trustees’ crypto accounts and steal all their crypto; 3. collapsed crypto trading platforms, many of which were based overseas; and 4. lost passwords, resulting in trustees being locked out of their crypto account and being unable to access their crypto. Trustees thinking of investing in crypto need to be aware of the ways that crypto can be lost, including through scams, and how these scams can be avoided. Many crypto[…]
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JulThe Treasurer, Jim Chalmers, handed down his Federal Budget for the new financial year on Tuesday, 9 May 2023. Read on to about how to find out how this could affect your next tax return. Mr Chalmers walked away from the large, blanket tax cutting initiatives of the last Liberal government, such as Temporary Full Expensing (which applied to virtually all businesses) and the Low and Middle Income Tax Offset (which applied to all individual taxpayers with an income of less than $126,000), and instead focused on help which is more targeted and less generous. While the initiatives are likely to be welcomed by those taxpayers who are the target of the tax breaks, they will pass by many, if not most, taxpayers[…]
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MayThe ATO has recently provided information to assist taxpayers in working out how to claim deductions under temporary full expensing when they lodge their tax return If the taxpayer’s income years end on 30 June, deductions under temporary full expensing are only available in the 2021, 2022 and 2023 income years. They can claim the temporary full expensing deduction in their tax return for the relevant income year by completing the extra labels included in the tax return. Taxpayers can choose to opt out of temporary full expensing for an income year for some or all of their assets and claim a deduction using other depreciation rules. However, they must notify the ATO in their tax return that they have[…]
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MayYou are taking big risks if you use an unregistered preparer to: Tax practitioners include tax agents and BAS agents. They must be registered with us to provide tax agent services, BAS services or in some cases, tax (financial) advice services for a fee or other reward. What are the risks? Listed below are some risks that you face if you use an unregistered preparer to provide you with a tax agent service (which includes a BAS or tax (financial) advice service): Sharing your myGov account details puts your personal and financial affairs at risk! The TPB is investigating several cases involving unregistered preparers posing as legitimate registered tax practitioners, who lodge tax returns on behalf of their clients. These unregistered[…]
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AprBefore 1 July 2022, an individual taxpayer that incurred additional deductible expenses as a result of working from home, had a choice of three methods to claim these expenses. These choices were: From 1 July 2022, as a result of the release of PCG 2023/1 by the ATO, the shortcut method and the fixed-rate method have been abolished. A replacement method that can be used instead of the actual expenses method (which has not been abolished) is the revised fixed-rate method. Under the revised fixed-rate method, a deduction can be claimed of 67 cents per hour for energy expenses (electricity and gas), internet expenses, mobile and home phone expenses, and stationery and computer consumables. Other expenses associated with working from home,[…]
