The ATO is collecting records from Australian cryptocurrency designated service providers to ensure people trading in cryptocurrency are paying the right amount of tax and are meeting their tax and superannuation obligations.
The ATO will collect these records to identify individuals or businesses who have or may be engaged in buying, selling or transferring cryptocurrency during the 2014/15 to 2019/20 financial years.
ATO doubling audits of "dodgy" rental deductions
The ATO has announced that it will double the number of audits scrutinising rental deductions, with a specific focus on:
capital works claimed as repairs
incorrect apportionment of expenses for holiday homes let out to others
omitted income from accommodation sharing
Reference: The Tax Advisers' Voice, Edition 292, June 2019. NTAA
If you are unsure or concerned about how this will affect you, please contact our office on 9773 3647to speak with your accountant.
MIRANDA ACCOUNTING SERVICES 8/263 – 271 Wells Road, Chelsea Heights Vic 3196 PO Box 476, Patterson Lakes VIC 3197 Tel 03 9773 3647www.mirandas.com.au