Frequently Asked Questions
Have questions? take a look at our frequently asked questions or if you still can’t find an answer contact us below.
If you buy cryptocurrency as an investment, capital gain tax will be applied when you sell them. If you buy and sell cryptocurrency as a trader, income tax will be applied.
Exemption will apply the cost of cryptocurrency does not exceed $10,000 and you need to prove that the cryptocurrency used for personal consumption, such as paying for buy a car, for holiday, or buying goods ect.
Your cryptocurrency assets exceed $10,000 the personal use exemption will not be available and capital gain tax will apply.
That for use in your job can be claimed in your tax return. The cost of these item more than $300eacg you will not be able to claim the full cost in one year. And will be necessary to spread your claim over the useful life of the items, (Depreciation)
You must incur any expenses before it is claimable, and you may not need receipts for expenditure up to 300 you must have spent the money and it must be relevant to your employment.
Annual turnover on $75000 or more are required to register for GST. If your business turnover less than $75000, you are not required to register for GST by law. But you may register if you wish.
This exemption is not applying for the ride sharing and tax drivers, they have to register GST irrespective on their turnover.
The maximum concessional Superannuation contribution is $27,500 per year. This includes employer superannuation contribution, salary sacrificed super and personal deductable contribution.
You have to notify your superannuation fund of your intention to make the claim to get confirmation of tax deduction.
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