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Reporting Asset Disposals for CGT

As the ATO’s data-matching capabilities increase, they are paying close attention to capital gains made on shares, property, and cryptocurrency. Editor: Therefore, it’s important to let us know about any asset disposals (which can include an asset’s sale, loss or…
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ATO Recommends Updating ABN Details for Disastrous Reasons

The ATO has provided a novel, though important, reason for businesses to update their ABN details: to help businesses to manage the coming disaster season. ABN details are used by emergency services and government agencies to help identify and contact…
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LABOUR HIRE SCHEME

As a business owner, you may have heard of the Labour Hire Scheme that starts at the end of October 2019. You may not be engaged as a labour-hire company, however, you may, for example, have a cleaning company clean…
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Using the Cents per Kilometre Method

The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses. Importantly, taxpayers making…
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Measuring the Integrity of the ABR

From September, the Australian Business Register (‘ABR’) will contact a random sample of ABN holders across all entity types to: • confirm their business information; • discuss how they use the ABN, and check their understanding of how ABNs are…
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Federal Court Provides Clarification on the PSI Rules

The Federal Court recently handed down two decisions relating to the personal services income (‘PSI’) rules. Income is classified as PSI when more than 50% of the income received under a contract is for a taxpayer’s labour, skills or expertise.…
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