Bendigo Accounting & Finance Blog

The ATO recently updated its guidance on cryptocurrency and it is not surprising that they are looking to ensure that those who have blockchain assets are paying their taxes.

The Australian Tax Office has introduced Director Identification Numbers (Director IDs or DINs), which are being managed through the Australian Business Registry Services (ABRS) as of 1 November 2021.

The Australian Tax Office is implementing a new requirement on businesses with regard to employees' super funds. As of 1 November 2021, businesses will have an extra step to take for new employees who don’t choose a super fund, requiring that the individual's ‘stapled super fund’ details are requested from the ATO. A stapled super fund is an existing super account of an employee which follows them as they change jobs.

In this issue: Tax consequences of cryptocurrency, record keeping tips for your next tax return, new reporting regime for share economy, and what to avoid doing when making car-related tax deductions on your tax return.

IN THIS ISSUE: Why too many super contributions could mean extra tax for you - Explaining the income and the assets tests - Why paying tax now is better than incurring expenses later on - Protecting your finances from the unexpected.

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