Taxable payments annual report (TPAR) – Cleaners and Couriers

From the ATO:

Cleaners and Couriers will need to lodge a Taxable payments annual report (TPAR) each year on contractors in their business. For this tax year (2019) the return will be due on the 29th of August 2019.

If this affects you please ensure you keep the following information as a minimum requirement, the contractor’s:

  • Australian business number if known
  • name
  • address
  • gross payment for the financial year (including GST).

To discuss further please call 0398466542 or email info@townshendassociates.com to make an appointment

 

Crypto Record Keeping requirements

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 (even if it’s just their cryptocurrency address).

The sorts of records you should keep include:

  • receipts of purchase or transfer of cryptocurrency
  • exchange records
  • records of agent, accountant and legal costs
  • digital wallet records and keys
  • software costs related to managing your tax affairs