When it comes to tax time, cryptocurrency is an area often fraught with underreporting and broad misunderstanding. The ATO is implementing stringent measures to capture lost income tax revenue, which includes hundreds of thousands of taxpaying Aussies. Over the next several weeks, the ATO will notify some 350,000 people that their cryptocurrency earnings and trading […]
Posts by Gil Snir:
Website: https://www.auditcover.com
I am an Accountant: Can my clients avoid an ATO tax audit?
Tax time is quickly approaching and as the largest contributor to Australia’s whopping $8.7B tax revenue deficit, “the ATO compliance focus is likely to be on the small business sector” with high-wealth contributing “substantially lower” than some expected. With plans to send hundreds of thousands of “please explain” notices to ordinary Australians, it is worthwhile having the conversation with […]
As ATO Closes Income Tax Gap, How Important Is Audit Insurance?
The previous few federal budgets have included funding aimed at supporting the ATO in implementing and enforcing measures to close the burgeoning gap in lost tax revenue as a result of non-compliance. This action has been spurred on by numerous factors, not least of which includes the active ‘Black Economy’ in Australia. With compliance rules […]