ATO - Townshend & Associates

ATO: Common GST mistakes

October 5, 2018 | Accounting, BAS/ Bookkeeping

From the ATO: When reporting GST: make sure the timing is correct, and report for the correct tax period check the figures to avoid accidental miscalculations and simple transcription errors ensure your clients can substantiate their claims for GST credits check there is a creditable purpose, so your clients do not claim GST for goods […]

Crypto Record Keeping requirements

October 4, 2018 | Cryptocurrencies/ Bitcoin, Individual tax

The Australian Tax Office (ATO) requires the following records to be kept in relation to cryptocurrencies. the date of the transactions the value of the cryptocurrency in Australian dollars at the time of the transaction (which can be taken from a reputable online exchange) what the transaction was for and who the other party was […]

Have a short-term rental? The ATO may know

August 16, 2018 | Budget, Individual tax

According to the ATO their are approximately 190,000 properties available for short term rentals such as Airbnb, using their “data matching” capabilities they shall be querying any understated or omitted income from owners. Therefore, it is vital that you have up to date and comprehensive record keeping so that all income and deductions can be […]

Bitcoin, cryptos and your taxes

August 15, 2018 | Budget, Financial planning, Individual tax, SMSF

The central premise to be “outside of the central banking monetary system” and the “way of the future”. If you own or are thinking to own cryptocurrencies, you should not be confused with that those that disagree with Bitcoin being money and those people not understanding it. They do, especially the Australian Taxation Office (ATO) […]

Lodged your tax return. How long will it take?

July 27, 2018 | Individual tax

So you have lodged your tax return and expecting a refund, now when do you receive it? Typically, if you have lodged your return electronically with your account details it should take around 12 business days (so exclude weekends), however it may take longer. Apart from any arrangements you may have with us the ATO […]