Tag: Tax System

‘Shortcut’ Method Extended For Home Office Tax Deductions

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Australians claiming deductions for home office expenses may continue to use the ‘shortcut’ method until December 31, after the ATO extended the period for making claims. The extension is aimed at providing additional tax relief for people working from home during the Covid-19 pandemic period. The shortcut method covers a…

Sydney Woman Arrested for Role in Illegal Cryptocurrency Exchange

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A 52-year-old woman was arrested by New South Wales police last month for her part in running an illegal cryptocurrency exchange. The case is the first of its kind in Australian history. The woman’s arrest came as part of a government crackdown on unlawful cryptocurrency exchanges, which officials say can…

JobKeeper payment audits and reviews are covered by Audit Shield

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Tax shortcuts for working from home deductions, JobKeeper payments, and more. The Australian government is doing a good job of supporting the country through this unprecedented time of crisis but how will these actions affect audit activity for the rest of 2020? In the short term the Australian Taxation Office…
turning point

Australia’s Growth Rate Expected to Improve, But Other Issues Remain

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Australian economy reaching turning point In the semi-annual meeting with the Parliamentary Committee, Reserve Bank Governor Dr Philip Lowe said that the Australian economy was at a turning point and urged the government to do more. The meeting comes after Liberal MP Tim Wilson accused the RBA of giving up…

ATO to Use Data Matching to Crack Down on Cryptocurrency Tax Avoiders

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The Australian Taxation Office (ATO) recently issued a warning, stating that they are beginning a new data-matching programme that will compare data collected from designated service providers (DSPs) with tax records. The central aim, according to the government, is to ensure that crypto-investors are paying the right amount of tax.