TAX INSIGHTS: Tax consequences of cryptocurrency
Crypto may seem like just another form of money to you, but to the Australian Taxation Office (ATO), it certainly isn’t. From their point of view, cryptocurrency is just another type of asset that people invest in, just like when they invest in shares. The tax treatment is fundamentally the same. If you buy for a dollar and then sell for $11 dollars then you have to deal with a ten dollar profit. That profit could be a capital gain or it could be quantified as simple business income. The tax consequences of cryptocurrency If you are a simple investor in crypto, you may have bought $10,000 worth of the currency, and held onto it for five years [...]
R&D Tax Incentives & your innovation strategy
New R&D tax incentive changes are likely to boost confidence among businesses to make greater commitments to their innovation activities. The changes include new thresholds and a new way to apply. There are three key areas of change from 1 July: Previously, claimable R&D costs were effectively capped at $100 million. From July 1, the R&D expenditure threshold increases to $150 million. For companies with an aggregated turnover of less than $20 million, tax offset rates are now equivalent to the company tax rate plus an 18.5% premium. Before, companies were entitled to a 43.5% refundable R&D tax offset. For companies with an aggregated turnover of more than $20 million, they are entitled to a non-refundable R&D tax offset equivalent [...]