Articles

2021

Feb 21

Tax treatment of cryptocurrencies

The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a blockchain. Cryptocurrency generally operates independently of a central bank, central authority or government.

The creation, trade and use of cryptocurrency is rapidly evolving. ATO current view of the income tax implications of common transactions involving cryptocurrency. Any reference to 'cryptocurrency' in this guidance refers to Bitcoin, or other crypto or digital currencies that have similar characteristics as Bitcoin.

If you are involved in acquiring or disposing of cryptocurrency, you need to be aware of the tax consequences. These vary depending on the nature of your circumstances.

Everybody involved in acquiring or disposing of cryptocurrency needs to keep records in relation to their cryptocurrency transactions.

If you have dealt with a foreign exchange or cryptocurrency there may also be taxation consequences for your transactions in the foreign country.

Feb 15

SGC Missed and late payments

If you don’t pay an employee's super on time and to the right fund, you must pay the superannuation guarantee charge (SGC) and lodge an SGC statement to ATO. The SGC is not tax-deductible.

If you miss a payment, because you didn't pay an employee's super on time or to the right fund, you must:

👉pay the Super guarantee charge to ATO and

👉lodge a Superannuation guarantee charge statement.

If you make a late payment you can either:

👉offset late payments against the SGC or

👉carry the late payment forward as pre-payment of a future contribution for the same employee.

Feb 01

Fuel tax credits – business

Fuel tax credits provide businesses with a credit for the fuel tax (excise or customs duty) that's included in the price of fuel used in:

👉machinery

👉plant

👉equipment

👉heavy vehicles

👉light vehicles travelling off public roads or on private roads.

The amount depends on when you acquire the fuel, what fuel you use and the activity you use it in. Fuel tax credits rates also change regularly so it's important to check the rates each time you do your business activity statement (BAS).

Some fuels and activities are not eligible including fuel you use in light vehicles of 4.5 tonnes gross vehicle mass (GVM) or less, travelling on public roads.

Jan 25

Jobkeeper Extension 2

This extension period will run from 4 January 2021 to 28 March 2021

You will need to show that your actual GST turnover has declined in the December 2020 quarter relative to a comparable period (generally the corresponding quarter in 2019).

You also need to have satisfied the original decline in turnover test. However, if you:

👉were entitled to receive JobKeeper for fortnights before 28 September, you have already satisfied the original decline in turnover test

👉are enrolling in JobKeeper for the first time from 28 September 2020, if you satisfy the actual decline in turnover test, you will also satisfy the original decline in turnover test (except for certain universities). You can enrol on that basis.