All About R&D Tax Incentive

The R&D tax incentive is a program administered by the Australian Taxation Office (ATO). It encourages businesses to invest in research and development (R&D) activities. The incentive provides a tax offset of eligible R&D expenditure. To be eligible for the R&D tax incentive, your business must: Carry on an eligible R&D activity Expend money on […]

Tax Deductions on Training Courses for Employees

Employees in Australia may be able to deduct the cost of some training courses from their taxable income. This includes courses that are related to the employee’s current work or a future career change.  In order to qualify for the deduction, the employee must have paid for the course themselves, and it must be related[…..]

Construction Worker Tax Deduction Checklist

The income tax rates in Australia are progressive, which means that the higher your earnings are, the higher percentage you pay. Same rules apply to construction worker. It is imperative to know the tax deductions that you are eligible for to minimise your tax bill. Let us take a look at some of the common[…..]

ATO Warns: Don’t Hide Your Cryptocurrency Transaction

The Australian Taxation Office (ATO) is issuing this information sheet to make sure Australians are aware of their tax obligations when using cryptocurrency such as Bitcoin. From a taxation perspective, the ATO’s view is that transacting with cryptocurrencies is akin to a barter arrangement, with similar tax consequences. If you are trading in crypto, you’re required to[…..]

Why Is It Important To Keep Cryptocurrency Records & Reports For Your Annual Tax Return

Wallet Addresses Every time you send cryptocurrency to another wallet, the transaction is recorded. For every single transaction, there is an entry with your wallet address and the wallet addresses of the individual or business you sent funds to. All these transactions are also captured with the date and time stamps. Asides from this, all[…..]