Tag Archives: Startup accountants

Tax debts may affect business credit score

The ongoing COVID-19 pandemic has caused uncertainty in many parts of the economy and has led to what many experts term a “two-speed economy”, while some businesses are recovering well, others continue to suffer from the effects. If your business has had issues paying debts, or have prioritised trade debts ahead of tax debts, remember that these actions may lead to a lasting impact on your business’ credit score. The ATO is able disclose business tax debts to credit reporting agencies if certain conditions are met including non-engagement.

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Future direction of the ATO

At a recent conference, the Commissioner of Taxation gave some insights on the future direction of the ATO including upcoming changes, transformations, and aspirations. One of the main goals the ATO hopes to achieve by 2024 and beyond is to become more data driven. It wants to expand the use of data capabilities to provide a holistic picture of taxpayers as well as using more detailed “nearest neighbour” analytics. The Commissioner also touched on how these new data driven capabilities can be used to support small businesses.

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Are cryptocurrency losses from scams deductible?

As investing in cryptocurrency becomes more popular in Australia, there is also a corresponding increase in the amount of scams being reported. Due to the unregulated nature of cryptocurrency and the recent failure of two Australian cryptocurrency exchanges, this investment space has become a risky free-for-all, with Scamwatch estimating that around $35m were lost to cryptocurrency scams in the first half of 2021. If you’re one of the unlucky ones to have been scammed, depending on your circumstances, a capital loss may be claimed.

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