Bitcoin's GST status resolved from 1 July 2017

Bitcoin’s GST status resolved from 1 July 2017

Come 1 July 2017, businesses that transact in Bitcoin will be relieved by a change in the cryptocurrency's treatment under Australia's Goods and Services Tax scheme. The Federal Government has confirmed, in budget papers, that Bitcoin will be treated like a currency and not a ...
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/ Business clients, Tax law
Don't let a Division 7A loan burn a hole in your pocket

Don’t let a Division 7A loan burn a hole in your pocket

Small businesses should be familiar with the rules on Division 7A loans. Under Division 7A of the Income Tax Assessment Act 1936, loans or payments to a shareholder of a company can be treated as a dividend under the tax laws. And that can be ...
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/ Tax law