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Government intensifies cash payments crackdown – Kelly O’Dwyer

The government has started its consultation process on plans to introduce an economy-wide cash payment limit of $10,000 as part of a wider effort to eliminate the black economy.

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Passive investment companies tax rate still 30%

          The reduce company tax rate of 27.5% in 2018 will be denied for companies with predominantly passive income. Under the changes, companies will qualify for

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Cryptocurrency audits tipped to increase this EOFY

Audit activities around cryptocurrency are set to spike this tax time as part of the ATO’s broader risk analysis in its black economy crackdown, says one mid-tier.

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$2.4m lost to tax scams, ACCC reports

Almost $2.4 million worth of scams was reported to the Tax Office in 2017, according to new statistics from the Australian Competition and Consumer Commission.

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No GST on digital currency

The GST Act is being amended to ensure that digital currency, such as Bitcoin, is disregarded for GST purposes unless the supply is made in exchange for a payment of money or digital currency.

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Federal Budget 2018 – Overview

          The Australian economy in its 27th year of consecutive growth. Business conditions are at the highest level since the global financial crisis. 1,000 jobs a

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Your Budget

          How the 2018 budget applies to you can be found via the following links.   Individuals   Families   Business   Australian Federal Government

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4 components of our 2018 Federal Budget

            Click on the following links for more detail on the main components of the 2018 Federal budget. Stronger growth to create more jobs  

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Resources to help understand and implement Single Touch Payroll (STR)

STR is a significant change for business tax compliance, though for now those businesses that need to make this charge have 20 or more employees.  Changes take effect on 1-7-2018, 12 months later for businesses with less than 20 employees.

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New rules capture SMSFs trading big with cryptocurrency

Sizeable cryptocurrency transactions will “come to the attention of the ATO” under new rules that came into effect this week, so a mid-tier firm has put together a checklist of key considerations to keep SMSF investors compliant.

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