Fake tax debt scam warning

Scam Warning – Scammers may be impersonating Tax Agents

In a recent twist in the 'fake tax debt' scam, we have received increasing reports of a new scam method where scammers impersonate registered agents to lend legitimacy to their phone call.

phishingThe fraudsters do this by:

  • coercing the victim into revealing their tax agent's name, and
  • initiating a three-way phone conversation between the scammer, the victim, and another scammer impersonating the victim's registered agent or someone from the agent's business.

Victims have fallen for this new approach. In one recent example, a victim withdrew thousands of dollars in cash and deposited it into a Bitcoin ATM, fearing Police had a warrant out for their arrest. The phone conversation with the scammers appeared legitimate, and the victim trusted the advice of the scammer 'tax agent'.

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Small business accelerated tax rate reduction

Accelerated tax rate reduction for small business

Small business is still a vote winner with the Government and Opposition teaming up to accelerate tax cuts for the sector by 5 years impacting an estimated 3.3 million businesses.

Parliament recently passed legislation to accelerate the corporate tax rate reduction for corporate tax entities that are base rate entities (BREs). Under the new rules:

  • A 26% rate will apply to BREs for the year ending 30 June 2021, and
  • A 25% rate will apply to BREs from 1 July 2021  Read more…

New primary producers deduction

New immediate deduction for primary producers

Legislation passed Parliament in September enables primary producers to claim an immediate deduction for fodder storage assets such as silos and hay sheds used to store grain and other animal feed. 

The deduction is available if the primary producer first uses the asset or has the asset installed and ready for use on or after 19 August 2018. 

The immediate deduction can be claimed in the year the expense is incurred. Prior to this date, primary producers could generally only deduct the cost of these assets over 3 years.

This is one of several measures announced as part of the Government's package of drought assistance measures which are intended to aid drought-affected farmers.

Taxation can be a major cost to your business. We will work in partnership with you to minimise your tax and help you achieve your key objectives. Call us in Ballina or Byron Bay on 02 6686 3000.

Cryptocurrency guidelines

Cryptocurrency guidelines updated

The Australian Tax Office (ATO) has updated their guidelines on the tax treatment of cryptocurrencies, following community consultation in 2018.

cryptocurrencyThe updated guidelines help you learn more about the tax implications of cryptocurrency, including the practical issues of exchanging one cryptocurrency for another and associated record-keeping requirements.

If you have purchased, traded or profited from the sale of cryptocurrency, you may have tax-related obligations of which they are unaware.

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.

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Working from home

What deductions can you claim?

For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. 

home officeThe latest on their 'hit list' is home office expenses. We guide you through what you can and can't claim if you work from home.

Last financial year, 6.7 million taxpayers claimed a record $7.9 billion in deductions for 'other work-related expenses' which includes expenses for working from home. 

While the ATO appreciates that technology has led to more people working from home and greater flexibility, they don't believe that all of the claims being made are legitimate. 

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