In recent months Bitcoins and various other cryptocurrencies have attracted a lot of attention after having a roller-coaster ride in its prices over the past few months, and with more and more cryptocurrency trading platforms becoming available in Australia, it has become easier for Australians to dip into the crypto world. As cryptocurrencies are a new concept, what are the views of the ATO in relation to this new type of virtual currency?
Do you know what you are allowed to claim when you use your car for work?
Check out a few frequently asked questions and answers here.
The ATO is implementing the new Single Touch Payroll system so you can have quick access to your employee pay information.
The Bill has passed and received Royal Assent on 30 November 2017 for the Commissioner of Taxation to charge a vacancy fee to foreign residents owning an investment property in Australia that is not occupied. This has been popularly called a “ghost tax”.
The fee only applies to non-Australian tax residents who own a residential property that was “vacant” for more than 183 days in a financial year.
A residential property is “occupied” (ie not “vacant”) when:
(a) the owner or his/her relatives genuinely lives in the property,
(b) the property is under a lease or licence for a minimum of 30 days, or
(c) the property is genuinely available for lease or licence for a minimum of 30 days.
If the property is classed as “vacant” (ie not “occupied”), then the owner of the property will need to file a “Vacancy fee return” to the Commissioner of Taxation and pay the vacancy tax.
You might want to subdivide to make some profit, to generate regular rental income or to reduce your backyard maintenance. You will need to think about what happens when you sell….
Generally, your main residence is not subject to capital gains tax when you sell it, but subdividing your land will create two (or more) separate titles which are now separate assets. These subdivided properties will have tax implications when you sell them.
