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Tax and the Normalisation of Cryptocurrency
In early November, the Commonwealth Bank announced that it is now Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app.
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How to set up your Director ID
Directors are now required to register for a unique identification number that they will keep for life. The introduction of the Director Identification Number (DIN) is part of the Government’s Modernisation of Business Registers (MBR) Program creating greater transparency, and preventing the potential for fraud and phoenix company activity. So, who needs one? What is the timeframe to apply and how do I set it up?
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Victorian Government business boost announced for the extended lockdown
While Victoria is expected to remain in lockdown until the start of October, the Victorian Government will be rolling out additional financial support for the state’s small and medium businesses as they continue to grapple with the sustained impacts of lockdown restrictions.
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Employers exempt from FBT for retraining employees
Employers who deliver training to employees who are to be made redundant will now be exempt from fringe benefits tax after the legislation passed through Parliament.
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Work from home expenses under scrutiny & the perils of browsing Facebook
If you worked from home during lockdown and spent money on work related items that were not reimbursed by your employer, you might be able to claim some of these expenses as a deduction – but not everything you purchase can be claimed.
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ATO’s good-faith approach to crypto won’t last much longer
The ATO has upheld its good-faith approach to the accounting of cryptocurrencies, however it isn’t likely to last much longer.
For those involved in cryptocurrencies, now is the time to really pay attention to the current taxation rules before the ATO tightens enforcement of undeclared crypto assets.
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Winding-up: Simplifying small business insolvency
On 1 January 2021, new laws came into effect that introduce a new, simplified debt restructuring and liquidation framework for small business.
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The JobMaker Hiring Credit
Here at Paris Financial we strive to pass useful and timely advice onto all our small business clients – that’s why we believe we are the small business tax champions!
The following is our comprehensive summary of the recently introduced JobMaker scheme. If you need any further assistance or have any queries, please contact us.
