Australian Taxation Office
New or updated materials on ATO website, including:
- Report the correct business industry code in your tax returns
Senate report on Digital Currency
The Senate Economics References Committee tabled its report on Digital currency - game changer or bit player yesterday making a number of recommendations including:
- digital currency transactions should be treated in the same manner as money for the purposes of the GST and recommends that the government consults with the states and territories to consider appropriate legislative amendments, and
- the appropriate income tax and FBT treatment of digital currencies should be considered as part of the tax reform white paper process.
The ATO has provided notice of a new data matching program under which it will acquire names and addresses and other details of visa holders, their sponsors, and migration agents for the 2013-14, 2014-15, 2015-16 and 2016-17 financial years from the Department of Immigration and Border Protection. These records will be electronically matched with other data to identify non-compliance with registration, lodgment, reporting and payment obligations under taxation laws.