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Can I Donate Cryptocurrencies?

Tax on donations of cryptyo

Yes you can, but read the rules below. You can only claim a tax deduction for gifts or donations to organisations that have a status as a deductible gift recipient (DGR). The DGR status of an organisation can be checked at ABN Look-up: Deductible gift recipients. The gift must be greater than $2. If you receive a raffle ticket, dinner attendance, event entry, chocolates, or anything like that, then your…

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Year End Tax Planning 2022 – Business

With the end of the tax year approaching, now is the time to see what you can do to reduce your tax for 2022. This would mean more money in your pocket for you and your family to enjoy. To minimise your Personal tax click here. Business Tax Temporary Full Expensing Businesses with an aggregated turnover of less than $5 billion can immediately deduct the business portion of the cost…

Year End Tax Planning 2022 – Personal

With the end of the tax year approaching , now is the time to see what you can do to reduce your tax for 2022. This would mean more money in your pocket for you and your family to enjoy. To minimise your Business tax click here. Personal Tax Home Office Expenses during Covid-19 If you worked at home because of Covid-19 you will be able to claim a special…

Budget 2022/23

I would like to start mentioning something which will impact everybody from today and that is a temporary reduction in the fuel excise. The current fuel excise is 44.2 cents per litre and this will reduce from today to 22.1 cents per litre for the next 6 months. Below are the other personal and business announcements. 1. Personal  1.1 Increase to low and middle income tax offset (‘LMITO’) The Government…

Are you a director of a company? – Apply now for a compulsory new director number

Directors of companies need to register for a new identification number called a director identification number (director ID) This is a unique identifier that a director applies for once and keeps forever. You’ll need a director ID if you’re a director of: a company a registered foreign company a registered Australian body, or an Aboriginal and Torres Strait Islander corporation. You can apply for your director ID at Australian Business…

ATO warns taxpayers not to lodge tax returns too early

I am sure you are getting excited at being able to very soon, lodge your 2021 income tax return.  While the temptation to lodge tax returns early this year may be great, taxpayers have been urged to hold out until the ATO finalises income statements and pre–fill information to avoid a surprise tax bill down the road. “We understand that some individuals have been adversely impacted by COVID-19 through loss…