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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Board of Advice program

Managing your future business needs

Business owners, your wealth and well-being are inextricably linked to your business.

strategyIt is your source of income, your most important asset and, frequently, its sale will fund your retirement.

At Collins Hume, we want to support your goals so you can retire financially secure by providing you with independent and objective advice, tailored to meet your specific circumstances. 

The key objective of our Board of Advice program is to support you and maximise your opportunities to achieve your future growth, improvement, succession and estate planning aspirations.

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New rules for gift cards

New rules for gift cards – what you need to know

In Australia, around 34 million gift cards are sold each year with an estimated value of $2.5 billion. On average, an estimated $70 million is lost because of expiry dates.

gift cardUntil recently, there was no national regulation for the minimum length of time a gift card should last. In late 2017, New South Wales introduced laws* requiring a minimum three year expiry period for gift cards sold in that state and South Australia was in the process of enacting laws, but no uniform standard applied across Australia.

Applying from 1 November 2019, new laws are in effect that introduce a regime for the regulation of gift cards including:

Chartered Accountant Tim McOmish

Welcome Chartered Accountant Tim McOmish!
As a Chartered Accountant, Tim McOmish supports our clients in all things tax, be that income tax, tax returns, fringe benefits, activity statements, financial reporting as well as tax compliance for a broad array of small and medium sized businesses.

Tim McOmish"Dad was solicitor and I seemed to fall into accounting," says Tim. "I got into business school at university and really found my feet there."

"I enjoy the work and helping people, especially at tax time when having a decent understanding of all the tax rules and regimes can be put to practical use to create good outcomes for our clients."

An experienced Senior Accountant, Tim is also involved in Collins Hume's own transition to an upgraded accounting system, which has had knock-on effects for how we work with our clients. 

"We're working on switching over to a better accounting system," says Tim. "It's worth doing knowing both our clients and we will benefit in the long run."

To make sure work doesn't become too taxing, Tim plays golf, is a Star Wars tragic and reckons he's not a bad cook. He enjoys watching rugby league (Parramatta Eels) and cricket being Hon Treasurer of Ballina Bears Cricket Club.

"Collins Hume's difference is that there's a more family-oriented environment which I enjoy and good bunch of people," Tim added. "Supporting worthy causes and getting our community involved is good for everyone and it's great to be a part of that."

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Domestic violence leave entitlements

New domestic violence leave entitlements come into force

Fair Work Commission decision creates new entitlement for most Australian employees; unpaid family and domestic violence leave. 

familyThe Fair Work decision provides five days' unpaid leave per annum to all employees (including casuals) experiencing family and domestic violence. The leave will also be available in the event that an employee needs to do something to deal with the impact of the family and domestic violence such as attend court or access police services.

Applying from the first pay period from 1 August 2018, the entitlement covers all employees except some enterprise and State public sector award employees, and Award free employees. The leave does not accumulate from year to year and does not have to be taken all at once.

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