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Cryptocurrency under the microscope this tax time
Recently the ATO has expressed concern that many taxpayers believe their cryptocurrency gains are tax-free, or only taxable when the holdings are cashed back into Australian dollars.
2021 Year end superannuation planning guide
The ATO targets rental property owners
In order to close the tax gap of individual taxpayers, the ATO is cracking down on rental property owners with the commencement of 2 data-matching programs to collect property management data and rental bond data, ensuring that various income tax reporting obligations have been met.
OECD Guidance on Transfer Pricing implications of Covid-19 pandemic
On 18 December 2020, the Organisation for Economic Co-operation and Development (OECD) issued the much-awaited guidance on Transfer Pricing implications of Covid-19 pandemic that provides broad principles for taxpayers in reporting the financial periods affected by the pandemic and for tax administrations in evaluating the implementation of taxpayers’ Transfer Pricing policies.
2021-22 Victorian State Budget overview
The 2021-22 Victorian State Budget handed down on Thursday 20 May 2021 by Treasurer Tim Pallas focuses on the road to recovery, with a number of new or increased tax measures announced. Notable measures contained in the budget include:
The Farm Household Allowance (FHA) continues to support farming families experiencing hardship
Australian farmers face significant seasonal variability, including climatic inconsistencies and volatile commodity prices, sequentially there are significant differences in farming outputs year in year out. In recognition of this the Australian government Department of Agriculture Water and the Environment (DAWE) is continuing to support Australian farmers through the Farm Household Allowance.
Mazars announces new audit and financial advisory partner and two senior promotions
Mazars in Australia is delighted to announce the appointment of new audit and financial advisory partner, Alexis Aupied and two Associate Director promotions. The promotions reflect the ongoing commitment to deliver high quality bespoke services to clients and develop the careers and capabilities of our people.
Changes in valuation guidelines mean additional evidence required for SMSFs
Updates to the Australian Taxation Office’s (ATO’s) Valuation guidelines for self managed superannuation funds means that some trustees will need to provide additional valuation evidence to their auditor to confirm the value of fund investments, such as property.
2021-22 Federal Budget tax & superannuation brief
The 2021-22 Australian Federal Government Budget brings significant further stimulus to promote recovery of an economy devastated by natural disasters and the global COVID-19 pandemic.
Can employers require mandatory vaccination for employees?
Recently, the issue of employer mandated vaccines was considered by the Fair Work Commission (FWC) in the context of an unfair dismissal application. In this case, an employee was dismissed for failing to follow a direction from their employer to have the flu vaccination. The employer is a childcare provider and issued a direction to all staff, other than those who, for medical reasons, are unable , to get the flu vaccination.