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ATO’s CRYPTOCURRENCY INVESTIGATIONS The ATO are beginning to collect information and data from cryptocurrency designated service providers (DSPs) as a way of confirming that taxpayers are correctly declaring and reporting all amounts earned from cryptocurrency trading. The ATO intend to collect information from such DSPs to recognise individual or business taxpayers who have been involved in buying or selling cryptocurrencies during the financial years between 2014/15 to 2019/20 to ensure all earnings have been reported (the ATO estimates that there are between 500,000 to one million Australians that have invested in crypto-assets, including SMSF trustees). ... See more
PAYING SUPER TO BACKPACKERS The ATO want to remind employers who employ backpackers on working holiday visas: - That they are considered temporary residents and entitled to superannuation guarantee if they are paid more than $450 per month before tax, and - Who leave Australia can claim the super paid to them as a ‘Departing Australia Superannuation Payment’ (DASP). If you employ a backpacker, you should: - Check they hold a valid visa. This is done using the Visa Entitlement Verification Online (VEVO) service; - Use the ATO’s Super guarantee eligibility decision tool to calculate whether they are eligible for super; - Let them choose their own super fund, following the same process as you would with other employees upon commencement of work, and; - Advise them that they can start their DASP application while they are still in Australia working. ... See more
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ATO TO DOUBLE THE NUMBER OF AUDITS OF RENTAL PROPERTIES With the growing number of ‘dodgy’ rental deductions being claimed by Australian taxpayers, the ATO has announced their plan to double the number of audits into rental properties and they intend to focus on: Over-claimed interest; Capital works claimed as repairs; Incorrect apportionment of expenses for holiday homes let out to others; and Omitted income from accommodation sharing. The ATO conducted a sample of investigations and found that 9 in 10 tax returns with rental deductions contained errors. Therefore, this year fraudulent and doctored records will be subject to higher penalties in attempt to deter taxpayers from claiming incorrect deductions. Additionally, the ATO are reminding taxpayers that they can no longer claim travel expenses related to inspecting, maintaining or collecting rent for a residential rental property as of 1 July 2017. ... See more