The ATO has again emphasised the importance of good tax record keeping for income earned in 2021-22 and for expense deductions. It says this will guarantee a smoother tax time but warns it will take “firm action” against individuals who falsify records or can’t substantiate deduction claims. The regulator is also focusing on work-related expenses, particularly […]
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Market volatility has seen the prices of many cryptocurrencies and shares pull back from the record highs of 2021-22. That said, many investors have locked in substantial capital gains by disposing of assets during the financial year. Others have booked capital losses. The ATO expects a surge in capital gains and losses on crypto assets, including non-fungible
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If you aren’t using the simplified depreciation rules and you spend $100 or less, including any GST, to acquire a tangible asset in the ordinary course of carrying on your business you can assume it to be of a revenue nature for income tax purposes. This rule doesn’t apply to expenditure on: 1. establishing a
How the threshold rule works? Read More »
