Bitcoin transactions in Australia will be subject to tax. The country's tax authorities have decided to subject transactions involving cryptocurrency to goods and services tax.Australia has ruled that Bitcoin would not be treated as money, according to the Guardian. The GST will only be applicable to businesses involved in Bitcoin exchanges where customers pay real money for digital currency. Tax authorities said that when Bitcoin is purchased from a business, a GST is applied for the supply ...
BAS is Business Activity Statement. To report all taxation obligations to the Australian Taxation Office every business needs to submit a form called Business Activity Statement. It includes pay as you go withholding (PAYGW), pay as you go installments (PAYGI), fringe benefits tax (FBT), wine equalization tax (WET) and luxury car tax (LCT). BAS gives the complete business financial record analysis for a specific period of time.Lost Cost BAS PreparationTo be on the most up-to-date details of business ...
The ATO’s SMSF statistical report throws light on super funds scenario in Australia. The report has summarised all the data and various factors that influence the investment pattern, number of members, level of smsf audit and other specific things. The report says that out of total superfunds during year 2010-2011: 1. Superfunds have over 913000 members. 2. The total value of assets in smsf sector is $440 Billion. 3. Every year, 26000 new smsf are reported to be established since 2008. 4. ...
ANZ expects the economy to grow more slowly in 2015 but says the longer-term outlook for Australia remains strong. The bank's chairman, David Gonski, said that despite low interest rates and a falling Australian dollar, the economy would continue to be weighed down by weakness in the mining sector. "In 2015, while we expect interest rates to remain low and the decline in the Australian dollar will be good for many sectors of the economy, we believe the economy will grow somewhat more slowly ...
The tax industry has welcomed a clarification from the federal government it won't begin taxing super holders aged over 60, but says it needs more clarification over what exactly Labor has planned in order to scrape more savings for the May budget. Prime Minister Julia Gillard confirmed with Parliament yesterday the government "will never remove tax-free superannuation payments for the over-60s", including super lump sums and pensions. The statement was a rare clarification of what Gillard ...
One in every three loan borrowers fixed their home loans in the month of March via leading mortgage broker AFG. The broker has recently fixed their rate at 5% to increase number of fixed home loan borrowers. According to The AFG Mortgage Index Published on 2nd April, 2013, 29.6% home loans were fixed in March as compared to 24.1 % and 16.3% in February and January respectively. ...
The federal government has appointed former KPMG International chief Michael Andrew as new chairman of the Board of Taxation, among three other appointees, to help improve tax laws and regulations.The Board of Taxation comprises 10 members and is a non-statutory advisory body designed to contribute to improving the design of taxation law and its operation.The appointments come amid increasing government talk of crack-down on international profit shifting and tax minimisation, with Treasurer Joe ...
The taxation liability under employee share tax scheme is discouraging many small firms in Australia to use this option. Generally companies offer a share of their growing equity to the talented workforce to make them stay in the current organisation. The rigid tax treatment of such schemes is resulting in more tax liability on the part of the employee turned shareholders. Many entrepreneurs believe that share option scheme is a form of key currency that results in holding talented ...
Draft GST Ruling GSTR 2014/D5 The Commissioner has issued a draft ruling to explain the GST treatment of particular transactions arising in the context of development lease arrangements entered into between government agencies and private developers. These arrangements typically have following features : the private developer (developer) undertaking a development on land owned by a government agency in accordance with the terms of a written agreement between the developer and the government ...
FXStreet (Guatemala) - Jacqui Douglas, Senior Global Strategist, Rates and FX Research at TD Securities reminded that RBA Governor Glenn Stevens, made a keynote speech on ’The Economic Outlook’ in HK. “He voiced an upbeat view on the global and domestic economies, comparing favourably with the dire global and financial market conditions prevailing two years ago when he last addressed the audience”. “Overall, the speech read like a set of RBA Board meeting minutes, with a discussion of ...
The ATO has released a decision impact statement on the Full Federal Court decision in ATS Pacific Pty Ltd v FC of T 2014 ATC ¶20-449.In that case, the Full Federal Court held that the supplies made by an Australian tour operator to non-resident travel agents (NR travel agents) were not GST-free. In so doing, the court dismissed the taxpayer’s appeal and allowed the Commissioner’s cross-appeal from the first instance decision of Bennett J reported at 2013 ATC ¶20-383.ATO view of decisionAlthough ...
Business Activity Statement (BAS) – BBW Business Services What is Business Activity Statement? All businesses need to submit a taxation obligation form to the Australia Government Taxation Office. This is done using a form called Business Activity Statement (BAS). This includes the following taxations a) Pay As You Go Withholding (PAYGW) b) Pay ...
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