As cryptocurrencies gain popularity, so does the practice of cryptocurrency mining and staking to earn additional income from investments. While these activities can be lucrative, it’s crucial to understand the tax implications they carry in Australia, especially as the ATO moves to tighten the rules and reporting obligations of platforms.
Shares and cryptocurrency investments can be a rewarding endeavour, however it’s important to stay on top of your tax obligations. In Australia, accurate record-keeping is crucial to ensure you comply with ever evolving tax regulations and avoid unnecessary headaches down the line. In this blog we will provide you with essential tips for maintaining accurate records to effectively manage your shares and crypto tax in Australia.
As the end of the financial year (EOFY) approaches, it’s crucial to embark on early preparations to ensure a seamless and stress-free process. Many individuals in Australia tend to leave their tax return until the last minute, resulting in a rush and unnecessary stress. In this article, we will delve into the top ways you can prepare early for the end of the financial year.
Queensland’s rental law landscape has recently undergone significant changes that have important implications for both landlords and tenants. This blog article explores the Queensland rental law changes and their specific impact on landlords, particularly in light of potential interest rate increases.
At TaxTank, we are committed to providing the most up-to-date and accurate tax information to help individuals, property investors and sole traders make informed decisions about their tax. The ATO announced yesterday a number of key areas that they will be focusing on this tax time, including rental income, capital gains tax and work-related expenses.
Cryptocurrency, or more commonly known as Crypto, has become a buzzword in recent years, with more and more people investing in it as an alternative asset. However, with this new type of asset comes tax regulations that need to be followed. The Australian Taxation Office (ATO) has established a set of rules and regulations for Crypto taxation. In this blog post, we will explore the key aspects of Crypto tax in Australia.
As a sole trader, you are the boss of your own business. While this can be highly profitable, it also comes with a unique set of challenges, such as managing your own taxes and determining what business expenses you can claim. In this article, we look at some simple ways to overcome these challenges so that you can focus on doing what you do best – being a successful sole trader!
If you’re a sole trader in Australia, who is making pay as you go (PAYG) instalments for the first time, you probably have a lot of questions. Luckily, in this blog post, we’re going to be explaining everything you need to know about PAYG for sole traders.
When the time comes for sole traders to decide whether or not to pursue becoming a company, there are a series of critical factors that need to be weighed up.
Working for yourself isn’t always as easy and glamorous as it seems. Unlike being an employee of a company, you are solely responsible for securing contracts and making sure your clients get what they need on time. That means you take 100% of the risk, but also get to reap 100% of the rewards.
To help you maximise your business success, here are the top 5 tax deductions for sole traders.
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